"The U.K. government has confirmed it will guarantee a commercial bank loan of £1.5 billion ($2bn) for carmaking giant Jaguar Land Rover after a hack forced the company to shut down its carmaking production lines and left downstream suppliers at risk of bankruptcy. In a statement on Sunday, U.K. ministers said that the government-backed loan will "bolster JLR's cash reserves so it can support its supply chain which has been greatly impacted by the shutdown.""
"JLR shut down its network on August 31 after detecting hackers in its system. Hackers associated with a financially motivated crime group linked to earlier hacks targeting the U.K. retail sector took credit for the breach. JLR later said that the hackers had stolen some company data from its systems, while staff were told to stay at home while the company rebuilt its network."
The U.K. government will guarantee a commercial bank loan of £1.5 billion to Jaguar Land Rover to bolster cash reserves and support the company's supply chain after a cyberattack forced production shutdowns. JLR detected hackers on August 31, shut down its network, and reported stolen company data while staff stayed home during network rebuilding. The pause in production affected many suppliers and roughly 120,000 people in the broader supply chain. JLR lost about £50 million from the shutdowns but made roughly £2.5 billion in pre-tax profit in 2024; the loan must be repaid over five years.
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