Street Calls of the Week
Investing.com -- Jaguar Land Rover announced plans to restart sections of its manufacturing operations in the coming days as it recovers from a cyberattack that has halted production for approximately a month.
"As the controlled, phased restart of our operations continues, we are taking further steps towards our recovery and the return to manufacture of our world‑class vehicles," the company said in a statement Monday.
The announcement follows the U.K. government’s decision to provide financial support to the automaker. On Sunday, the government underwrote a £1.5 billion ($2.01 billion) loan guarantee to bolster the company’s cash reserves and help it pay suppliers during this crisis. The loan, which will be provided by a commercial bank and backed by the government’s export credit agency, has a five-year repayment term.
U.K. Treasury Chief Rachel Reeves emphasized the importance of the support package, stating: "Jaguar Land Rover is an iconic British company which employs tens of thousands of people. Today we are protecting thousands of those jobs with up to 1.5 billion pounds in additional private finance, helping them support their supply chain and protect a vital part of the British car industry."
The U.K. automaker, owned by India’s Tata Motors, discovered the cyberattack in late September, which forced the company to shut down its computer systems and halt production across its facilities.
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