JLR reports nearly $740 million quarterly loss following cyberattack that halted operations

Jaguar Land Rover took a sizable financial hit from the cyberattack that caused it to slam the brakes on its operations in September.

The UK-based carmaker reported a loss equivalent to $736 million in its most recent quarter, compared to a profit of $373 million in the same period a year ago. In baseball terms, JLR’s loss nearly reached the territory of Juan Soto’s bloated contract. The company’s quarterly revenue decreased 24% YoY.

JLR said the massive swing in profitability and revenue was largely due to the cyber incident—which cost the company $258 million—along with US tariffs and a “planned wind-down” in production of the “legacy Jaguar model.”

“JLR has made strong progress in recovering its operations safely and at pace following the cyber incident,” CEO Adrian Mardell said in a statement. “In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed.”

The Wall Street Journal reported that the JLR incident was “likely the most costly of a series of cyberattacks” targeting UK businesses this year.

“It is honestly like nothing else I’ve experienced,” JLR CFO Richard Molyneux said on a call with reporters, according to the WSJ. “We went through a really massive learning curve.”

Following the hack and ensuing production shutdown, JLR announced a “phased restart” in late September that began with the reopening of its global parts logistics center and its financial system for processing vehicle wholesaling. Manufacturing work resumed in early October. The company also introduced a “new financing scheme that will provide qualifying JLR suppliers with cash‑up‑front during the production restart phase.”