UK's £1.5 Billion Boost for Jaguar Land Rover's Revival
Britain has pledged a £1.5 billion loan guarantee to aid Jaguar Land Rover's supply chain after a lengthy production halt due to a cyberattack. The support aims to secure jobs and sustain the automotive sector, heavily impacted by the shutdown of the iconic carmaker's facilities.
- Country:
- United Kingdom
The British government is set to back Jaguar Land Rover with a £1.5 billion loan guarantee, designed to support the luxury carmaker's supply chain in the aftermath of a debilitating cyberattack that forced the company to halt production nearly a month ago.
Owned by India's Tata Motors, the carmaker operates three factories that together manufacture about 1,000 vehicles daily, sustaining significant employment in Birmingham and Liverpool. The recent survey indicated that some suppliers were nearing a crisis point, as cash reserves dwindled, prompting concerns over job losses and reduced working hours.
Business Minister Peter Kyle highlighted the significance of the cyberattack on the automotive sector, deeming it an assault not only on a celebrated British brand but on the nation's broader economic interests. The loan, privately financed and guaranteed by UK Export Finance, aims to revitalize Jaguar Land Rover's operations and secure skilled jobs in the process.
Google News