Cyberattack Crisis: Jaguar Land Rover's Financial Lifeline Under Consideration

The UK government is evaluating financial support for Jaguar Land Rover (JLR) suppliers after a cyberattack halted production. JLR's operations have partially resumed, though financial losses and supplier strain persist. Potential solutions include government purchases of components and government-backed loans, with concerns about the supply chain's urgent cash flow needs.

The UK government is contemplating financial support measures for Jaguar Land Rover's (JLR) suppliers, severely affected by an extended cyberattack-related shutdown. A government official confirmed this development on Thursday.

JLR, owned by India's Tata Motors, operates three British factories, producing roughly 1,000 cars daily. With the company losing over £50 million weekly, its 33,000-strong workforce is largely homebound. JLR, while abstaining from commenting on financial figures, said efforts are underway for a controlled and phased operational restart.

Visiting JLR, Peter Kyle, Secretary of State for Business and Trade, and Industry Minister Chris McDonald emphasized priorities: swiftly resuming production and stabilizing the supply chain. The government considers various aid options, including buying components from suppliers or offering government-backed loans, though supplier receptivity varies.

(With inputs from agencies.)