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Jaguar Land Rover Resumes Production on 8 October After Cyberattack

After a nearly two-month pause, Jaguar Land Rover is set to restart production on 8 October. The company's new financing scheme aims to support suppliers hit by the cyberattack.

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In the image the land is covered with a lot of snow and there is a track and a vehicle is moving on...
In the image the land is covered with a lot of snow and there is a track and a vehicle is moving on the track,around the vehicle there are few poles and behind the poles, a collection of some objects are kept on the snow. In front of those objects there is a factory building.

Jaguar Land Rover Resumes Production on 8 October After Cyberattack

Jaguar Land Rover is set to resume production on 8 October 2023, ending a nearly two-month hiatus due to a cyberattack. The restart will see the Wolverhampton engine plant, Slovakia's Nitra plant, and the UK's Solihull plant back in operation. This news has been welcomed by Business Secretary Peter Kyle, although he continues to express concern for suppliers further down the supply chain.

The restart marks the first time Jaguar Land Rover has been able to produce new vehicles since late August 2023, following a cyberattack that has been estimated to cost the company £5m per day in lost revenue. To support suppliers, Jaguar Land Rover has launched a financing scheme worth around £500m. This scheme will enable suppliers to be paid faster than under standard payment terms.

Initially, the UK government proposed a £1.5bn commercial loan to support Jaguar Land Rover's supply chain. However, the company has opted for a separate financing scheme to provide cash up-front to qualifying suppliers as production resumes. This move is aimed at stabilising the supply chain and ensuring a smooth restart of operations.

Jaguar Land Rover's production restart on 8 October 2023 will be a significant step towards recovery from the cyberattack. The company's new financing scheme is expected to provide much-needed support to suppliers, helping to stabilise the supply chain and ensure a successful restart of production. However, continued concern for suppliers further down the supply chain remains, as acknowledged by Business Secretary Peter Kyle.

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