Around 250 jobs will be created during construction of the 80,000 sq m of manufacturing and commissioning warehouse space, as well as a four storey 5,000 sq m office building.
The application has been submitted to East Riding of Yorkshire Council for the development on a 104-acre site at Goole 36, close to junction 36 of the M62 motorway.
Plans include manufacturing and commissioning buildings up to 22m tall, warehouses, offices, and stabling sidings with potential for the development of a test track.
The first phase of the manufacturing site is expected to open in 2023.
The decision to build the plant to supply the UK rail market follows a £1.5bn order last November from London Underground to design and build a new generation of trains for the Piccadilly line.
The new tube trains will provide additional capacity and an improved passenger experience for millions of travellers.
Gordon Wakeford, Managing Director of Siemens Mobility, said: “This investment has the potential to have a tremendous impact on the Yorkshire economy and the North of England as a whole.”