Demand for Pratt & Whitney’s jet engine is plummeting after a series of stumbles that marred its rollout, enabling rival General Electric to capture market share in the race to supply a fast-selling Airbus plane.
A competing GE turbine has won 10 times as many orders this year to power the A320neo, according to Bloomberg. Pratt has signed just a single deal for its geared turbofan, a pact with British Airways owner IAG SA to outfit 47 of the Airbus planes — the only jet on which the engine maker competes head to head with GE’s new model.
The figures paint a stark picture for Pratt and parent United Technologies Corp., which bet $10 billion on the engine’s development. Billed as a technological breakthrough, the turbine was supposed to re-establish the company’s place in a lucrative market recently dominated by GE. Instead, sales have begun to falter, fueling doubts about the long-term payoff of Pratt’s most important product.