"According to Minister of Economic Affairs Peter Kyle, the guarantee serves to protect jobs in the West Midlands and Merseyside, among other places. And to provide certainty to suppliers. He emphasized that the facility not only helps JLR, but also the chain of suppliers. Finance Minister Rachel Reeves said the measure secures thousands of jobs. In this way, the government wants to protect an important part of the British automotive industry."
"JLR's production has been at a standstill since August 31 following a hack by the Scattered Lapsus$ Hunters group. These criminals have also attacked other British companies in the past. The group, owned by India's Tata Motors, normally builds around 1,000 cars a day at three factories in Solihull, Wolverhampton, and Halewood. Due to the prolonged shutdown, employees have been at home since September 1, with no return date in sight."
The British government is guaranteeing a £1.5 billion loan to Jaguar Land Rover through a commercial bank and the Export Development Guarantee to preserve the supply chain. The guarantee aims to protect jobs in the West Midlands, Merseyside and other areas and to provide certainty to suppliers, with ministers saying it secures thousands of jobs. JLR's production stopped on August 31 after a hack, halting roughly 1,000 cars a day across three factories and leaving employees at home. The shutdown costs at least £50 million per week, affects about 30,000 direct employees and 100,000 in the supply chain, and the loan will be repaid over five years while cybersecurity teams work on a safe restart.
Read at Techzine Global
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