Jaguar Land Rover reveals shocking update in wake of cyberattack

Core Insights - The cyberattack on Jaguar Land Rover (JLR) in September severely impacted the company's operations and financial performance [1][4] - The company had to halt production across all its global factories, leading to significant declines in both wholesale and retail sales [3][4] Company Overview - Jaguar Land Rover is owned by Tata Motors and was purchased from Ford in 2008 for $2.23 billion [7] - The company is the largest auto employer in the UK, with approximately 33,000 employees in the country and a total of 40,000 worldwide [7] Impact of Cyberattack - The cyberattack forced JLR to close its three factories in Britain, which produce around 1,000 cars daily, and affected its global operations, including factories in China, Slovakia, India, and Brazil [3][4] - In the second quarter, wholesale volumes dropped by 24% to 66,165 vehicles, while retail sales fell by 17% to 85,495 vehicles [4] - The most significant sales decline occurred in the UK, which was the epicenter of the cyberattack [5] Recovery Efforts - JLR announced that production would resume on October 8, with about 33,000 workers returning to their jobs after weeks of shutdown [6] - The company has been working with retailers to prioritize the delivery of vehicles to clients during the recovery process [6] Financial Outlook - JLR's revenue for 2024 is projected at £28.99 billion ($38.90 billion), with a net income of £2.57 billion ($3.45 billion) [7] - The full financial impact of the cyberattack will not be known until the company reports its Q2 results next month, but damages could potentially reach billions [8] Insurance Status - Reports indicate that JLR may not have been insured for the cyberattack, as it failed to finalize a cyberattack insurance deal before the incident [9]