The engine market has been growing rapidly over the past few years, with some major engine makers such as Rolls-Royce and General Electric looking to make a name for themselves.
But with the current global recession in full swing, many big players are facing stiff competition.
This article examines the biggest engine makers in the United States and looks at the cost of their latest engines and their ability to compete with the new crop of competitors.
Rolls- Royce Engine maker, Rolls-royce, which produces the Rolls-Citroen E-Class and Rolls-10 engines, said last week that it was losing money on its U.K. business, which includes the Rolls Royce Thunderbird and the Rolls Thunderbird E-Series.
Rolls Royces chief executive Stephen Williams said last year that the company had to make money selling engines overseas and the results have not been good.
“We’re going to need a lot more than our existing engine capacity,” Williams told the British newspaper the Sunday Times.
He also noted that “our current engines have not done the job.”
General Electric Engine maker GE has said it plans to cut jobs at its European headquarters and cut about 200 jobs in North America.
The cuts are expected to be completed by the end of the year, according to a statement by the company.
The company’s latest quarterly earnings report showed that its European business, for which it was once valued at $3.4 billion, was $4.4 million lower than previously forecast.
General Motors Engine maker GM has been slashing its workforce and moving its production of its small engines overseas as it tries to compete on price with the likes of Boeing, General Electric and Siemens.
The moves have led to a drop in the prices of its engines in Europe and other markets.
GM said it expects to cut 1,000 jobs in the next year, while cutting another 600 in North American operations.
Boeing Engine maker Boeing said last month that it plans more cuts in its North American engine production.
The Seattle-based company plans to close about half of its plants by the middle of next year and close about 20 percent of its aircraft engines by the fourth quarter of 2020.
The plan includes cutting production of the A320neo and A320jet, as well as the A400M, A400 and A500 turboprop engines.
Boeing has also said it is eliminating 1,400 jobs at some of its older aircraft engines.
General Dynamics Engine maker General Dynamics has said that it will cut its U,S.
workforce by 20 percent and its North America operations by 15 percent in 2019.
General said it was also eliminating 2,500 jobs and reducing its workforce in Europe.
Bombardier Engine maker Bombardiers is also trying to cut costs.
The Montreal-based firm said last December that it would cut 1 million jobs by 2020 and eliminate another 1 million in 2019, including 1,800 in North Americans.
Siemens Engine maker Siemens has been cutting costs in Europe as it struggles to compete.
It said in its third-quarter earnings report that it had to lay off 1,200 workers in Europe, which it said would result in the layoff of another 500 in the U. S. The layoffs, it said, “would reduce our engine inventory by about 15 percent and could lead to a loss of up to $200 million in the fourth-quarter of 2019.”
Rolls Engine maker Rolls-Raythe engine maker has been laying off 1 million workers over the last two years as it battles a weak domestic market and a slowdown in demand for its engines.
The engine maker is also cutting back on its global workforce.
Aerojet Engine maker Aerojet, which is based in San Diego, Calif., said in January that it planned to cut 5,000 to 10,000 workers by the second half of 2019.
The cut will affect its engines sold to foreign customers, including customers in China, South Korea, India, Indonesia and Malaysia.
Bombas Jet engine maker Bombas has been increasing its production in the last few years and has been adding jobs to support its continued growth.
The Brazilian firm announced last year it was cutting 1,500 positions globally and plans to eliminate 1,300 positions by the third quarter of 2019, the company said.
Bombis has also cut production of older engines such as the PBM and the APM.