Jaguar Land Rover reported a loss of $769 million because of a cyberattack that shut down manufacturing. File Photo by Neil Hall/EPA
Nov. 14 (UPI) — Jaguar Land Rover reported a loss of $637 million over the three months ending in September, when it was hit by a cyberattack that shut down production.
In the same quarter last year, the company reported $523 million in profits. The company also reported additional costs of $258 million, which included outside consultants and other support after the attack, the BBC reported.
The company had to shut down production through all of September and early October because the attack disabled its computer systems.
Retail sales dropped in all markets. In the United Kingdom they were down by 32.3%. Sales fell by 12.1% in Europe, 9% in North America, 22.5% in China and 15.8% in the Middle East and North Africa.
Revenues for the quarter fell 24%, from $8.5 billion last year to $6.4 billion, the company told BBC.
JLR also had phased out several models as part of a plan to become an all-electric brand. Those new models are now delayed until at least 2026. The JLR CFO Richard Molyneux wouldn’t confirm a launch date.
“We will launch it when it is perfectly right,” he said.
The English manufacturer has confirmed that all plants are back up and running at capacity or near it.
“JLR has made strong progress in recovering its operations safely and at pace after the cyber incident,” said outgoing JLR CEO Adrian Mardell, The Guardian reported. “In our response we prioritized client, retailer and supplier systems, and I am pleased to confirm that production of all our luxury brands has resumed.
“The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time,” Mardell said.
Auto production in the United Kingdom was at its lowest level for September since 1952, said the Society of Motor Manufacturers and Traders.