The British government announced on Saturday that it will provide Jaguar Land Rover with a 1.5 billion pound ($2 billion) loan guarantee to support its supply chain following the luxury carmaker's production shutdown due to a cyberattack.
Jaguar Land Rover's shutdown has lasted nearly a month, and the government has been exploring options to support the company and its supply chain. Some small suppliers have reported that they have only one week left before they run out of cash.
The carmaker, which is owned by India's Tata Motors, has three factories that together produce approximately 1,000 cars per day, sustaining many jobs in the areas around Birmingham, Britain's second-largest city, and the northern city of Liverpool.
A survey on Friday showed that some firms were reducing staff hours or making redundancies.
Business secretary Peter Kyle said the cyberattack was "not only an assault on an iconic British brand, but on our world-leading automotive sector."
"This loan guarantee will help support the supply chain and protect skilled jobs," he said.
The business ministry said that the loan would be privately financed and guaranteed by Britain's export credit agency, U.K. Export Finance, and was expected to unlock 1.5 billion pounds of support for the carmaker's supply chain.
