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.
The Labour government had been in talks to offer support to suppliers caught in the fallout of the hack, which forced some vendors to send staff home while others await payments from JLR. Britain’s largest carmaker employs 34,000 people in the UK, with a further 120,0