At an estimated 1.9 billion in losses and over 5,000 UK organisations affected, the Jaguar Land Rover cyberattack has been labelled the most economically damaging cyber incident in UK history, exposing the deep vulnerability of interconnected supply chains.
The UK government on Sunday announced that it will support "iconic British brand" Jaguar Land Rover (JLR) with a loan guarantee of up to 1.5 billion pounds to give certainty to the Tata Motors owned carmaker's supply chain following a devastating cyber-attack. The loan will come from a commercial bank, backed by the Department for Business and Trade's (DBT) Export Development Guarantee (EDG), provided by export credit agency UK Export Finance, to be paid back over five years.
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The company said over 80 per cent Range Rover Evoque production was exported to 170 countries across the globe.
The question is: Will the company have a strong balance sheet to support this massive investment plan?
The British marque had earlier announced to add 275 new jobs at its production facility at Solihull in West Midlands to meet rising demand after sales improved for several months. Land Rover currently employs 9,500 people and supports a further 40,000 jobs in the supply chain.
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Jaguar Land Rover (JLR) -- the two premium brands owned by Tata Motors, India's largest automotive company -- will tighten up frivolous expenditure to contain cash in a slowing automotive market.
The plant will initially assemble JLR's sport-utility vehicle Freelander 2 from completely knocked down kits shipped from the Halewood manufacturing unit in Liverpool, UK.
Tata Motors-owned Land Rover on Wednesday said its new sports utility vehicle -- Range Rover Evoque, which will hit the market in 2011, will carry a starting price tag of 30,000 pounds (about Rs 21 lakh).
Tata Motors-owned Jaguar Land Rover has announced plans to shed 200 jobs across its UK operations but claimed that the redundancies were not connected with the economic downturn or slump in car sales.
Jaguar X-TYPE, an 8-yr-old range, constituted nearly a fourth of annual production till now.
Jaguar's plan to cut 300 more jobs at its Halewood plant comes at a time when unemployment numbers in the UK have risen to record levels, at 2.38 million.
The report says Tata Motors, JLR's new owners, will produce 200-300 less cars by the end of the year. That would be equal to about a week's worth of production for the Jaguar models of XJ and XK.
Jaguar Land Rover's global performance for the full year 2014 showed a balanced portfolio with sales up across all key regions, the company said.
UK-based workers of JLR rejected a pay hike offer, saying that it falls short of their expectations, giving rise to a possibility of strike.
JLR is the UK's largest carmaker, which has witnessed a complete turnaround in its fortunes since Tata Motors acquired the traditional British brands from Ford 10 years ago.
Supply chain workers called the strike over a pay dispute.
The growth rate could continue for another seven years.
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