Hello and welcome to the Monday, Sept. 29, edition of the Daily 5.
U.S. tariffs. China struggles. A reimagined Jaguar betting on electrification as the U.S. and other markets cool on electric vehicles. And now a major cyberattack that has sidelined JLR manufacturing operations worldwide, sparking liquidity concerns.
JLR can't seem to catch a break these days.
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The company has been forced to secure $2 billion from the U.K. government to provide a cushion for its battered suppliers.
Now the company is securing another line of credit for $2.7 billion from banks, Bloomberg reports, to bolster liquidity even as it prepares to slowly restart operations in coming days.
The hack has crippled operations at the U.K.'s largest carmaker and sparked chaos across the country's auto supply chain. Factories in the U.K., Slovakia, Brazil and India have been idled since the start of the month, while some vendors await payments as JLR tries to clear a backlog of payments to suppliers. Employees have been furloughed or asked to work from home, and the BBC says JLR has been losing $68 million a week because of the cyberattack.
And check out a few more stories: Mazda is creating a beachhead in China to export EVs. And BYD is now resorting to discounts to gain a foothold in Japan, a market traditionally unreceptive to foreign brands. And last but not least, make sure you take our latest Auto Industry Confidence Survey.
That's our report for today. Have a great rest of your day.
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— David Phillips, senior editor
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