Optimizing station location and fleet composition for a high-speed rail line

•Strategic mixed-integer linear model for locating HSR stations and optimize fleet composition.•Maximization of net public benefit.•Rail ridership sensitive to fleet composition and HSR service in addition to station placement.•Output: net public benefit, investment, rail ridership, stations location, fleet, load factor.•Gains of at least 7.7% in net public benefits, 25.5% in rail ridership and 16.9% in ticket revenues. This paper proposes a new strategic planning model for high-speed rail ventures. It is a mixed-integer optimization model that applies to a given line and focuses on two key strategic decisions: station location and fleet composition. Our purpose is to improve on previous station location models by including fleet composition decisions. In the new model, we additionally take into account in an approximate fashion the interrelationships between strategic and subsequent tactical decisions, regarding line planning, train scheduling and fleet assignment issues. The usefulness of the model is demonstrated for a case study involving a planned Lisbon-Oporto high-speed rail line.