Summary
Jaguar Land Rover (JLR) reported a significant financial loss for the quarter ending in September due to a cyber-attack. The attack stopped their production lines for over a month, affecting car sales and supply chains. JLR also incurred extra costs related to dealing with the cyber-attack and received government support to help their suppliers financially.
Key Facts
- JLR reported a loss of £485 million for the three-month period ending in September.
- The company had a profit of £398 million in the same period the previous year.
- A cyber-attack at the end of August disrupted JLR's production lines for over a month.
- JLR faced additional "cyber-related costs" of £196 million for consultancy and support.
- Quarterly revenues fell by 24%, from £6.5 billion last year to £4.5 billion.
- The US tariffs and phasing out of Jaguar models also affected revenues.
- JLR's production stoppage contributed to the lowest UK car production for September since 1952.
- The government provided loan guarantees worth up to £1.5 billion to assist JLR's supply chain.
