French open-access rail start-up Le Train has pushed back its plans to begin operations by two years due to the realities of the high-speed rolling stock market in Europe. However, the company said it remains on track to complete its latest funding round, which it hopes to finalise by the end of 2024. 

In a call with Railway Technology, Le Train’s operations director Catherine Pihan-Le Bars said the private high-speed trains would not run before 2027. 

The start-up had previously spoken of its intention to begin services as soon as late 2025, but a new rolling stock supply deal with Spanish manufacturer Talgo appeared to have derailed that plan - along with the harsh realities of the second-hand rolling stock market. 

“There is no second-hand leasing market in the country [France], if you see operators launching with second-hand rolling stock it is usually not high speed,” Pihan-Le Bars explained. 

“In Continental Europe the high-speed second-hand market is just non-existent and I think it will remain so for the next few years,” she added. 

While the original announcement of the rolling stock deal between Le Train and Talgo stated the trainsets would arrive in 2025, Pihan-Le Bars said 2027 was now the earliest the Le Train-specific trains would be delivered. 

“To give you a rough timeline, trains are delivered in around three years on the new market, so that takes us to 2027,” she told Railway Technology. 

Expanded plans 

Along with rolling stock orders, thought to be worth north of $300m, increased interest from investors has led CEO Alain Getraud and his team to expand the scope of the project and its intended route map.

“We will address the other French markets, just like we are addressing the great west market,” Pihan-Le Bars said. 

Although Getraud, who was also on the call with Railway Technology, was unwilling to confirm any future routes outside of the “Grande Oueste” region, he confirmed the model would be the same - to use existing high-speed rail infrastructure. 

That means that connections such as Paris to Lyon and Lille are likely, while larger central cities like Clermont Ferrand would not be served by the disruptor until SNCF upgraded the line. 

While details of the company’s latest funding round remained oblique, Getraud said it was populated with new investors rather than new funding from existing interested parties like Credit Agricole.