UK Car Output Extends Slide On Jaguar Cyberattack: Data [Barron's]
MARKS & SPENCER GRP S/ADR (MAKSY)
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Source: Barrons
The country's total vehicle output dropped 23.8 percent year-on-year, the Society of Motor Manufacturers and Traders (SMMT) said in a statement. Advertisement - Scroll to Continue It had already retreated by 27.1 percent in September. SMMT chief executive Mike Hawes said in a statement it had been "another difficult month for UK vehicle production as the impact of the earlier cyber attack continued to be felt". However, he said "growth is on the horizon," pointing to the UK government's financial backing for the country's manufacturing sector. At the same time, Hawes criticised an announcement this week in Labour's annual budget for a tax on electric vehicles, as the government seeks to drive down state debt. Advertisement - Scroll to Continue Jaguar Land Rover, owned by India's Tata Motors, revealed at the start of September that it had been targeted by hackers, severely disrupting sales and production and forcing the company to seek emergency funding. JLR froze prod
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