US EditionBritain pledges $2 billion loan guarantee for Jaguar Land Rover
The £1.5 billion loan guarantee, backed by UK Export Finance, aims to protect around 150,000 jobs in Jaguar Land Rover's supply chain affected by the cyber attack.
- Britain will back Jaguar Land Rover with a Stg1.5 billion loan guarantee, the business ministry said, financed privately and backed by UK Export Finance to unlock 1.5 billion pounds for suppliers.
- Nearly a month into the shutdown, Jaguar Land Rover was struck by hackers last month, halting production at its UK factories and leaving some small suppliers with one week of cash.
- JLR's three factories typically produce about 1,000 cars per day and directly employ about 30,000 people, with a supply chain supporting roughly 120,000 jobs.
- No cars have been built this month and orders to around 700 suppliers have been paused, costing JLR at least �50m per week as a survey on Friday showed some firms cutting staff hours or making redundancies.
- As Labour opens its conference in Liverpool, ministers visited JLR and Webasto earlier this week while Unite and opposition figures urged job guarantees and a furlough scheme.
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UK backs Jaguar Land Rover with loan guarantee after cyberattack
LONDON, United Kingdom —The British government agreed a loan guarantee worth £1.5 billion ($2 billion) for Jaguar Land Rover to shore up its cash reserves and supply chain. London’s trade minister said so on Sunday, after the company suffered a damaging recent cyberattack. JLR said on Sept. 2 that it had been targeted by hackers. It was forced to suspend production at its UK factories. The automaker said on Thursday that its IT systems were part…
After the severe cyber attack on Jaguar Land Rover, the British government is helping the car manufacturer with the guarantee of a billion-dollar loan.
mannheim24.de
After a cyber attack on Jaguar Land Rover, the British government is helping the automaker with a billion-dollar guarantee. Production is still standing still.
Jaguar Land Rover is receiving support from the British government in the form of a guarantee for a £1.5 billion loan, equivalent to over €1.7 billion. This should help the car manufacturer recover from a cyberattack that has paralyzed production.
With the billion-dollar loan guarantee after a severe cyber attack for Jaguar Land Rover, the British government wants to secure jobs in the country.
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