London: The British government announced financial loan guarantees on Sunday to help Jaguar Land Rover (JLR) secure loans worth GBP 1.5 billion (USD 2 billion). The announcement comes in response to severe disruptions to the company's supply chain caused by a recent cyberattack.
According to Kuwait News Agency, the Department for Business and Trade stated that the five-year guarantees were approved to address the impact of the cyberattack. JLR, one of Britain's largest carmakers, employs more than 34,000 staff across three factories and supports about 120,000 additional jobs through its supply network.
Additionally, Business Secretary Peter Kyle highlighted that the cyberattack targeted the country's entire automotive sector and workforce. He emphasized that the loan guarantees would help sustain supply chains and protect skilled jobs nationwide.
Last month, the cyberattack led JLR to halt production at one plant for several weeks, disrupting payments to smaller suppliers and increasing bankruptcy risks.