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Bond Market News
JLR May Face a $1.7bn Setback to its Bottomline Due to the Recent Cyberattack
September 26, 2025
Jaguar Land Rover (JLR) could face large potential losses from a major cyber attack, according to people familiar with the matter. The attack, which began on September 1, forced JLR to shut down UK factories and IT systems, disrupting a supply chain that supports about 200,000 workers. Production may not resume until November, with revenues expected to see an estimated £3.5bn ($4.7bn) hit and gross porfits set to witness a £1.3bn ($1.7bn) setback. Suppliers and dealers are struggling to stay afloat, prompting emergency meetings with UK officials. UK Business Secretary Peter Kyle is considering an unusual intervention like having the government purchase car components from suppliers for later resale to JLR, however, the plan faces logistical challenges. JLR’s insurance exposure has become a key issue. Some sources say the company was still in talks about cyber cover when the attack occurred, others claim JLR had already declined such a policy. Without insurance, the company cannot recover costs tied to lost production, supply chain disruption, and other expenses. This follows other high-profile breaches, including those at Marks & Spencer, Co-op, and a recent Stellantis incident involving customer data.
JLR’s bonds have been trading broadly stable with its 5.5% 2029s at 100.2, yielding 5.2%.
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