Jaguar Land Rover Resumes Production After Cyberattack, Secures Government-Backed Loan
Jaguar Land Rover (JLR) is gradually resuming its manufacturing operations following a significant cyberattack last month that temporarily halted global production. The company has secured financial assistance, including a government-guaranteed loan from Google Finance and Yahoo Finance, to facilitate this restart and support its suppliers.
The cyberattack, described as 'an economic security incident' by industry experts, has had far-reaching implications. JLR, which accounts for approximately 4% of Britain's goods exports, has implemented a financing scheme to accelerate payments to its suppliers by up to 120 days. This scheme will see qualifying suppliers receive a majority prepayment shortly after the point of order, with a final true-up payment upon receipt of invoice.
The company has secured two loans, one of which is guaranteed by the British government, to restart its own production and that of its suppliers. This financial support has been crucial in enabling JLR to resume operations at its engine plant in Wolverhampton and car production facilities in Nitra and Solihull. Adrian Mardell, JLR's chief executive, thanked all those involved in the recovery effort, highlighting their commitment in recent weeks.
JLR's restart of production and the implementation of the financing scheme are positive steps towards mitigating the impact of the cyberattack. The government's role in providing a guaranteed loan underscores the significance of JLR as an industrial producer and employer. For detailed and up-to-date information, it is recommended to consult official press releases and financial reports from JLR and relevant government bodies.
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