Talgo

Listed · HQ Spain

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Kind: Rolling-stock OEM
Markets: 2
Positions held: 3

Spanish high-speed and intercity train builder (Renfe, DB ICE L).

Kind: Rolling-stock OEM
Headquarters: Spain
Ownership: Listed
Segments: Rolling stock, Maintenance
Present in: European Union, India

Footprint

European Union

Kind	Where	Detail	Sources
Headquarters	Spain	Las Matas (Madrid) — corporate office and high-speed power-car factory; Rivabellosa (Álava) — passenger coaches; 400–500 coaches/year capacity	● Talgo · Our centres (Las Matas, Rivabellosa) (checked 2026-09-06)

India

Kind	Where	Detail	Sources
Joint venture	Maharashtra	JV with Bharat Forge Infrastructure to manufacture semi/high-speed aluminium trains in India	○ JSA (legal advisers) · Talgo and Bharat Forge Infrastructure form a JV to manufacture high-speed trains in India (checked 2026-09-06)

Positions held

SegmentTechnologyPhase

awarded by Trafikverket — Night-train locomotives and coaches — 162 coaches and 10 Vectron locomotives, delivery from 2030 (April 2026) (active · since 2026-04)
awarded by DSB — EuroCity: 16 Talgo 230 coach formations against a framework, authorised for Denmark and Germany in September 2025 with the first Hamburg service on 3 November 2025 (active · since 2020-02)
supplies ODOT Rail and Public Transit — Manufacturer and maintainer of the Oregon-owned Talgo Series 8 trainsets in service on Amtrak Cascades, to be replaced by Amtrak's Airo fleet from late 2026 (active)

Contract detail and values (1)$500m–1bnIn the European Union, India edition See a fully open example

Sources for these relationships (5)

● DSB · Årsrapport 2025 (materiel i drift, rejser, trafikkontraktindtægter, IC5 og EC-flåden) (published 2026-02-05 · checked 2026-09-12)
● Oregon Department of Transportation · Draft Oregon State Rail Plan 2027 (PDF, 199 pages, 15,850,098 bytes), published for comment 8 September 2026. Sections used: the existing rail system profile (two Class I railroads and 23 Class III short-line railroads, six of them switching railroads and terminal yards); the Amtrak Cascades service and rolling stock sections; the state-identified near-term and long-term passenger rail capital investments; Table 4-10 recent Oregon rail program funding 2025-2027; and Table 4-11 Connect Oregon rail funding. (published 2026-09-08 · checked 2026-09-14)
● Talgo · Denmark issues the authorisation for Talgo's EuroCity international trains (published 2025-09-12 · checked 2026-09-12)
● Tenders Electronic Daily (TED) · Trafikverket Myndighet — Sweden – Railway and tramway locomotives and rolling stock – Supply of Locomotives and Coaches for procured night train traffic — notice 279813-2026 (published 2026-04-23 · checked 2026-09-11)
● Trafikverket (Swedish Transport Administration) · Kontrakt om nya nattåg signerades på Stockholm Central (published 2026-04-20 · checked 2026-09-11)

Competes with

Other rolling-stock oem players present in the same markets.

Player	HQ	Markets	Positions
Alstom	France	European Union, United States, United Kingdom, India, Canada	64
Siemens Mobility	Germany	European Union, United States, United Kingdom, India, Canada	60
Stadler	Switzerland	European Union, United States, United Kingdom, India	26
CAF	Spain	European Union, United States, United Kingdom	18
Škoda Group	Czechia	European Union	19
Wabtec	United States	United States, United Kingdom, India	9
PESA	Poland	European Union	8
Končar Group	HR	European Union	6

1 source · primary

● Talgo · Our centres (Las Matas, Rivabellosa) (checked 2026-09-06)

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