Summary
The UK government will support Jaguar Land Rover (JLR) by guaranteeing a £1.5 billion loan as the company deals with a cyber-attack. The loan aims to help JLR stay afloat and support its suppliers, many of whom are small businesses at risk of financial trouble due to production stoppages. The cyber-attack halted car production, which has caused significant financial strain.
Key Facts
- The UK government will guarantee a £1.5 billion loan for Jaguar Land Rover.
- The cyber-attack has stopped JLR's car production since the end of August.
- The loan will help JLR support its suppliers, many of whom are small businesses.
- JLR employs about 150,000 people in the UK automotive sector.
- The loan will be paid back over five years to maintain the company's cash flow.
- Production halt is costing JLR an estimated £50 million each week.
- JLR's factories typically produce about 1,000 cars daily.
- The cyber-attack was claimed by a group called Scattered Lapsus$ Hunters.
