Hyperdrive
Jaguar Land Rover Gets UK Guarantee for £1.5 Billion Loan
A Range Rover sports utility vehicle (SUV) on the production lineat the Jaguar Land Rover automobile manufacturing plant in Solihull, UK.
Photographer: Adam Vaughan/EPA/Bloomberg
Jaguar Land Rover will get backing from the UK government for a £1.5 billion ($2 billion) loan aimed at easing the strain on suppliers hit by a production halt at the automaker that was triggered by a cyberattack.
The loan, to be provided by a commercial bank and guaranteed by UK Export Finance, will be repaid over five years, the government said on Saturday. It comes after the Range Rover maker idled plants in the UK, Slovakia, Brazil and India as a result of the attack earlier this month, derailing the wider supply chain.