Volvo Cars announced an inquiry into a cyber security breach and the theft of some r and d data that might impact the company’s operations.
A representative for the company, majority-owned by China’s Geely Holding, said a third party had approached it but declined to elaborate.
“So far, investigations reveal that a small quantity of the company’s R&D property was taken during the hack,” the Swedish automaker stated in a statement. It went on to say that “there may be an impact on the company’s functioning,” without elaborating.
The Gothenburg-based firm said it had put security measures to prevent future access to its property and notified the appropriate authorities.
“Volvo Cars is undertaking its own investigation and is collaborating with a third-party specialist to examine the property theft,” the company stated. Shares of Volvo Cars, whose IPO on October 29 was Europe’s largest this year, fell 3.2 percent.