Tag: Rolls-Royce

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Rolls-Royce Announces Layoffs

The company employs 42,000 people worldwide with about half of the workforce based in the UK….reports Asian Lite News

Global engineering giant Rolls-Royce has announced plans to sack as many as 2,500 jobs globally as part of a drastic cost-cutting exercise.

Tufan Erginbilgiç, a former BP executive, took over as CEO of Rolls-Royce in January when he rocked the company’s employees by describing the iconic aircraft engine-maker as a “burning platform” whose operations were “unsustainable”. 

The company employs 42,000 people worldwide with about half of the workforce based in the UK.

Rolls-Royce’s financial performance had plunged during the pandemic when airlines were grounded, but has improved over the past year, with global air travel bouncing back.

However, the company’s focus on long-haul travel has meant it has lagged behind rivals who make engines for short-haul planes, its share price has more than doubled since the start of 2023 — albeit remaining short of its pre-pandemic level in 2019, according to a report in The Guardian.

Rolls-Royce did not divulge any details about the job cuts, but said it needed to engage with unions before making further announcements.

The company said the planned changes would “remove duplication and deliver cost efficiencies”. 

“We are building a Rolls-Royce that is fit for the future…That means a more streamlined and efficient organisation that will deliver for our customers, partners and shareholders,” Erginbilgic said.

Rolls-Royce plans to merge its engineering technology and safety teams, with its chief technology officer stepping down. It also hopes to improve its procurement and supply chain management processes to cut costs. Besides, its finance, legal and human resources teams will be brought together across the group.

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Rolls-Royce’s scholarship programme for women students

Rolls-Royce.

The scholarship is open to all women students enrolled in undergraduate engineering degree programmes at any AICTE-recognised institution in India…reports Asian Lite News

On the occasion of International Women in Engineering Day, Rolls-Royce announced the launch of the fourth edition of its Unnati Scholarship Programme for Women Engineering Students, in association with Buddy4Study and Charities Aid Foundation (CAF) India.

With a focus on bridging the gender gap and raising female representation in STEM (Science, Technology, Engineering and Mathematics), this programme aims to provide financial support to meritorious students from economically underprivileged backgrounds.

The scholarship is open to all women students enrolled in undergraduate engineering degree programmes at any AICTE-recognised institution in India and fulfilling the criteria of the scholarship.

Speaking about the initiative, Kishore Jayaraman, President, India and South Asia, Rolls-Royce, said: “Rolls-Royce is committed to promoting STEM education in India, with particular focus on enabling the participation of women and girls in these areas. We believe that these efforts will not only help increase the STEM talent pipeline in India, but also harness the potential of women to create sustainable solutions for the future. We hope that our Unnati Scholarship Programme will help support and inspire the next generation of engineers, scientists and innovators.”

The scholarship programme will start receiving applications from July 5.

Rolls-Royce’s Unnati initiatives include a range of programmes that reach out to thousands of female students in middle and high school, as well as scholarships for STEM undergraduate studies that benefit hundreds of young women.

So far, Rolls-Royce’s community outreach programmes have touched the lives of over 100,000 people in India from diverse backgrounds, inspiring and teaching them about Science, Technology, Engineering and Mathematics concepts and careers.

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Rolls-Royce unveils its electric car

The ordered Spectres will start being delivered to Korean customers in the fourth quarter, the company said, reports Yonhap news agency…reports Asian Lite News

Rolls-Royce Motor Cars on Friday unveiled the brand’s first all-electric model, named Spectre, in South Korea as it sees further room to grow in Asia’s fourth-biggest economy.

South Korea is the first country for the British carmaker to introduce the battery-powered model among Asia-Pacific countries, Rolls-Royce said in a statement.

The fully electric Spectre is available at a starting price of 620 million won ($486,000) in Korea, with the price going up depending on options.

Rolls-Royce has received the highest number of preorders in the fast-growing and important Korean market in the region, the company said without giving the pre-order figure.

The ordered Spectres will start being delivered to Korean customers in the fourth quarter, the company said, reports Yonhap news agency.

Rolls-Royce’s sales growth in Korea depends on several factors, such as the country’s economic situation and the number of businessmen, which is growing rapidly, Irene Nikkein, regional director of Rolls-Royce’s Asia-Pacific operations, told reporters on the sidelines of the unveiling event.

“I’ve seen the development in Korea and also the investment from the Korean government. There is a very big growth potential (here) in the long term,” she said.

Rolls-Royce began to sell its vehicles in Korea in 2004. Its current lineup includes the Phantom, Ghost and Cullinan.

The Rolls-Royce brand belongs to BMW Group, which also sells BMW, Mini and Rolls-Royce models in Korea.

It sold five vehicles in the country in 2004, but sales have continued to rise, reaching 171 units in 2020, 225 in 2021 and 234 in 2022.

The BMW-owned brand plans to fill its entire lineup with all-electric cars by 2030, joining other luxury brands in making the switch, including Volkswagen Group’s Bentley and Jaguar Land Rover’s Land Rover.

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Rolls-Royce set to cut costs

The company reportedly aims to merge its non-manufacturing departments in civil aerospace, defence and power systems divisions…reports Asian Lite News

Luxury car and jet engine manufacturer Rolls-Royce is reportedly planning to slash thousands of jobs, around 3,000 ‘non-manufacturing employees’, as it aims to cut costs and streamline operations.

According to The Times, the new CEO Tufan Erginbilgic, who described the company as a “burning platform” that needs to reform to survive, has roped in consultants led by McKinsey to guide on how to streamline the company.

“Plans to merge departments could cut 10 per cent of the company’s approximately 30,000 non-manufacturing staff,” the report noted, citing sources.

The company reportedly aims to merge its non-manufacturing departments in civil aerospace, defence and power systems divisions.

“Currently, white-collar roles in legal, marketing, human resources and other departments operate separately,” the report noted.

The Rolls-Royce’s headquarters in Derby are likely to be hit hardest by the cuts.

“We are working at pace on our transformation across a number of work streams and only one part of one of those work streams is about realising organisational efficiencies,” a company spokesperson said in a comment.

“We have made no decisions whatsoever on any potential impact on employees and any suggestion otherwise is pure speculation,” the spokesperson added.

Established in 1904 in Manchester by the partnership of Charles Rolls and Henry Royce, Rolls-Royce was a luxury car maker and later entered into aero-engine manufacturing business.

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