New Delhi, Sep 28 (NationPress) The UK government has revealed a £1.5 billion ($2 billion) loan guarantee for Jaguar Land Rover (JLR) to restore stability in its supply chain following a cyberattack that disrupted production for nearly a month.

This financial aid comes as several of JLR's smaller suppliers reported they had only a week left before depleting their cash reserves.

Tata Motors, the parent company of Jaguar Land Rover, manages three manufacturing plants in the UK, producing around 1,000 vehicles each day and supporting thousands of jobs in Birmingham and Liverpool.

The prolonged shutdown has placed immense financial pressure on smaller suppliers, with a recent survey indicating that many companies are either cutting staff hours or laying off employees.

UK's Business Minister Peter Kyle characterized the cyberattack as “not just an attack on an iconic British brand but on our world-leading automotive sector,” emphasizing that the loan guarantee will aid in maintaining the supply chain and safeguarding skilled jobs.

The business ministry confirmed that the financing will be raised privately, guaranteed by Britain's export credit agency UK Export Finance, and is projected to unlock £1.5 billion of support for Land Rover's supply chain.

This week, shares of Tata Motors dropped by about 4.98 percent but saw a rebound of 1.45 percent on Friday after reports suggested its British subsidiary could face an uninsured loss of approximately €2 billion due to the September 2 cyberattack.

Reportedly, the financial impact could exceed JLR’s total profit from the previous fiscal year, as JLR had not finalized a cyber insurance policy, potentially leaving it unprotected against the attack.

Jaguar Land Rover has announced an extension of factory closures until October 1.

The company’s three UK facilities in Solihull, Halewood, and Wolverhampton previously produced around 1,000 cars daily, with estimates indicating losses of about £50 million per week due to the shutdown.