UK Government Mulls Financial Relief for Jaguar Land Rover Suppliers
The UK government is contemplating financial assistance for Jaguar Land Rover suppliers affected by a prolonged cyberattack. The company faces significant weekly losses and production halt. Discussions include options like purchasing components or offering government-backed loans, though some options face resistance from suppliers.
- Country:
- United Kingdom
The UK government is exploring financial rescue measures for Jaguar Land Rover's suppliers, who have been impacted by a shutdown extended to October due to a cyberattack, as reported by the BBC on Thursday.
The luxury carmaker, owned by India's Tata Motors, operates three factories in the UK, producing roughly 1,000 cars daily. The ongoing production halt is causing substantial losses, notably over £50 million ($68 million) weekly, with many of its 33,000 employees instructed to remain at home.
Business and industry ministers have engaged in discussions with JLR's CEO to explore pathways to resume production. While options like government-backed loans and component purchase schemes for suppliers are being considered, some resistance from suppliers has been noted.
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