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JLR posts heavy losses as production returns to normal after hack
- Jaguar Land Rover reported a £485m loss before tax and exceptional items, with revenues falling around 24% in the quarter to the end of September.
- Hackers targeted Jaguar Land Rover's systems at the end of August, forcing a five-week production halt from September 1 across UK factories including Solihull and Halewood.
- JLR booked £196 million of cyber-related costs and £42 million in exceptional redundancy costs, while the shutdown cut around 27,000 vehicles from production, reducing UK output by 0.17%.
- Thousands of suppliers, including small and medium-sized businesses, faced shutdowns, prompting warnings of bankruptcies as the UK government agreed guarantees for loans up to £1.5bn and Jaguar Land Rover established a supplier financing scheme.
- Amid wider pressures, US tariffs and phasing out of Jaguar models weighed on results, while JLR bosses warned further lost sales are expected over the current quarter despite production returning to normal levels.
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Jaguar Land Rover's UK production returns to normal after weeks-long cyber shutdown
Jaguar Land Rover said on Friday its manufacturing operations had returned to normal after a cyberattack forced a six-week halt at its UK plants, disrupting supply chains and costing the carmaker hundreds of millions of pounds.
·United Kingdom
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UK’s Slow Economic Growth Due in Part to Jaguar Land Rover Cyber Attack: Treasury Chief
The UK’s economic growth slowed in the previous quarter of the year in part due to a major cyber attack on automaker Jaguar Land Rover (JLR), Chancellor of the Exchequer Rachel Reeves said on Nov. 13. The treasury chief made the remarks after the Office for National Statistics (ONS) said that real gross domestic product (GDP) grew by 0.1 percent between July and September over the preceding three-month period, down on the previous quarter’s 0.3 …
·New York, United States
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Coverage Details
Total News Sources16
Leaning Left2Leaning Right3Center8Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
15%
C 62%
R 23%
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