JLR Restarts UK Manufacturing, Launches Supplier Financing Scheme After Cyber Attack
Jaguar Land Rover (JLR) is restarting manufacturing operations across several sites in the West Midlands and Merseyside from Wednesday. The company, which employs around 120,000 people through its UK supply chain, has also announced a new financing scheme to support suppliers affected by a recent cyber attack.
The restart will include stamping operations in Castle Bromwich, Halewood, and Solihull, as well as key areas of the Solihull vehicle production plant. Additionally, production will resume at the engine plant in Wolverhampton and the battery assembly centre in Birmingham. Vehicle manufacturing in Nitra, Slovakia, and the Range Rover and Range Rover Sport production lines in Solihull will follow later in the week.
Adrian Mardell, chief executive of JLR, announced the restart and a new financing scheme for suppliers. The scheme will provide cash up-front for qualifying suppliers struggling from the hack's fallout. JLR will pay suppliers much faster than usual, by as much as 120 days early, starting with critical production suppliers. The firm will also pay back financing costs for suppliers who use the scheme during the restart phase. The cyber attack has halted all manufacturing since the start of September, potentially impacting the group's bottom line by around £120 million.
JLR's restart of manufacturing operations and the new financing scheme aim to mitigate the impact of the cyber attack on both the company and its suppliers. The scheme is expected to provide much-needed cash flow to qualifying suppliers, helping them to recover from the disruption caused by the hack.
Read also:
- Industrial robots in China are being installed at a faster rate than in both the United States and the European Union, as the global market for these robots faces a downturn.
- NATO's Massive Naval Drill Shows Unity Against Russian Aggression
- Undeads Games Reaches $30 Million TVL and Gears Up for MMORPG Debut
- Hyundai N affirms transition to hybrid performance-centric models, initiating with Tucson N
