Jaguar Land Rover Halts UK Production After Cyberattack; Government Offers £1.5B Loan Guarantee
Jaguar Land Rover (JLR) has temporarily halted production at its U.K. factories following a cyberattack on Sept. 2. The British government has stepped in, agreeing a loan guarantee worth 1.5 billion pounds ($2 billion) to bolster JLR's cash reserves and supply chain.
The loan guarantee, arranged by Business Minister Peter Kyle, will be repaid over five years. Notably, the government is not lending money directly to JLR. Instead, it's providing a guarantee to unlock up to 1.5 billion pounds to support JLR's supply chain.
JLR's IT systems are gradually coming back online, but production remains on pause until at least Oct. 1. The temporary shutdown is a precautionary measure to ensure the safety and security of the company's operations.
The government's loan guarantee is a significant boost for JLR as it recovers from the cyberattack. It aims to stabilize JLR's cash flow and support its supply chain, ensuring minimal disruption to the company's operations and the wider automotive industry.
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