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Volvo Cars reports hackers stealing data R&D

X-SPEED-DRESS – Volvo Cars said on Friday it had opened an investigation into the cybersecurity breach and the theft of some research and development data that may have impacted the company’s operations.

Spokesperson for a majority Chinese-owned company Geely Holding said it had been approached by a third party, but declined to provide any further details.

“Investigations to date confirm that a limited amount of the company’s R&D assets were stolen during the break-in,” the Swedish automaker said in a statement.

It added that “could have an impact on the company’s operations,” without specifying what that might be. It said it saw no impact on customers’ car security or their personal data.

The Gothenburg-based company said it had implemented security countermeasures to prevent further access to its assets and notified the relevant authorities.

“Volvo Cars is conducting its own investigation and is working with a third-party specialist to investigate the property theft.

Shares of Volvo Cars, which had its biggest IPO on October 29 in Europe this year, were down 3.2% at 3:55 p.m. GMT.

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