JLR to restart UK production, suppliers offered upfront payments

(Sharecast News) - British carmaker Jaguar Land Rover said on Tuesday that it will begin restarting production at several UK sites from Wednesday, following a near six-week shutdown triggered by a major cyber attack. JLR, owned by India's Tata Motors, said its engine and battery units, along with parts of its body and paint shops, would resume operations midweek, with Range Rover and Range Rover Sport lines at Solihull due to restart later this week. The move will see some of JLR's 33,000 staff return to work after weeks of disruption.

To support smaller suppliers hit by the outage, JLR said it would switch to upfront payments during the restart phase, replacing its previous 60-day post-invoice terms.

"Our suppliers are central to our success, and today we are launching a new financing arrangement that will enable us to pay our suppliers early, using the strength of our balance sheet to support their cashflows," said JLR chief executive Adrian Mardell.







Reporting by Iain Gilbert at Sharecast.com