|
Hello. Early fallout from the hack of carmaker Jaguar Land Rover shows hits in a variety of places.
Ratings firm S&P Global on Thursday cut its outlook for parent company Tata Motors Passenger Vehicles to "negative" in part based on "prolonged operational disruption" at JLR.
Production was disrupted for five weeks after the cyberattack and still isn't at full capacity. S&P forecasts a drop in revenue of 15% to 18% for JLR's fiscal 2026. JLR is due to report quarterly financial results in November.
Visteon, a U.S. vehicle electronics provider, said Thursday that downtime at JLR contributed to a 6% decline in sales for its third quarter. As we reported Monday, British chip maker Ensilica, another supplier to JLR, cut revenue expectations by about $6.7 million, citing lower orders because of a cyberattack at a client.
U.K. car production overall was down 36% in September after the JLR incident, the Times reported. The Cyber Monitoring Centre, a nonprofit group that analyzes big cyberattacks, estimated that the incident touched 5,000 organizations and is likely to cost the U.K. economy £1.9 billion, or $2.5 billion. More here on how the center modeled financial consequences.
More news below.
|