Jaguar Land Rover
Jaguar Land Rover will receive a £1.5 billion loan from the UK government to support suppliers affected by the cyberattacks. The loans guaranteed by the UK export finances are intended to promote pressure on the auto sector and protect jobs. The UK will provide loans to 17,733 fraudsters (£1.5 billion or $2 billion) belonging to automaker Jaguar Land Rover (JLR) Tata, according to Bloomberg, and will provide loans to maintain the impact of cyberattacks.
- The loan is designed to drive the load on suppliers affected by the UK’s JLR plant production shutdown caused by cyberattacks. The step came after a massive car halted production at factories in the UK, Slovakia, Brazil and India following attacks earlier this month. The decision also violated the broader supply chain, she added. The UK Government Guarantees Loans to JLR: What Do We Know
- The government said the finances for loans granted by commercial banks and guaranteed UK exports will be refunded for five years.
- According to the report, Labour government is negotiating to force certain sellers to send staff homes and provide assistance to suppliers captured following the outcome of the hack, while others await JLR payments. JLR, the UK’s largest automaker, has 34,000 employees working in the UK, with 120,000 other jobs related to the supply chain in the country.
- “The guarantee of this loan will help support the supply chain and protect qualified employment across West Midland, Mercisard and the UK,” said Bloomberg, who visited the automaker’s headquarters and suppliers this week. What did JLR say?
- On September 25th, JLR said that as some of its systems returned to the internet, it could browse supplier gaps, accelerate the distribution of parts between dealers, and accelerate the sale and registration of vehicles. The company is about to resume certain production operations on October 1, but warns it will take some time before it returns at full speed.
Providing relief to the automotive sector will help promote certain pressure on Prime Minister Keira’s government. His Labour Party, which will gather in Liverpool on September 28 for his annual meeting, added a report.
