Volvo Cars has released a statement confirming a breach of sensitive files that resulted from a cyber attack.
“Investigations confirm that a limited amount of the company’s R&D property has been stolen during the intrusion. Volvo Cars has earlier concluded, based on information available, that there may be an impact on the company’s operation,” Volvo Cars said.
The Gothenburg-based Volvo Cars implemented security measures including steps to prevent further access to its property and notified relevant authorities. Volvo Cars does not reveal its IT spending and cyber security vendors.
Volvo Cars said the attack did not have an impact on the safety or security of its customers’ cars or their personal data.
Volvo Cars has also launched an investigation into the cyber security breach and the theft of some research and development data that could impact the company’s operation.
Volvo Cars is majority owned by China’s Geely Holding. Volvo Cars said it had been approached by a third party, but declined to give any further details.
Volvo Cars’s revenue for the first nine months amounted to SEK 202 billion, up from SEK 177.5 billion during the same period in 2020. It reported an operating income of SEK 16.6 billion for the first nine months of the year, up from SEK 3.6 billion during the same. The operating margin for the period was 8.2 percent.
Volvo Cars’s sales volumes in the third quarter fell 17 percent compared to the same period in 2020. The 12-month rolling sales volume amounted to approximately 741,200 cars.
“Production was approximately 50,000 cars lower in the quarter vs the same period in 2020, while sales in the period fell by approximately 30,000 cars as the drop in production volumes was compensated by lowered inventory,” said Hakan Samuelsson, chief executive of Volvo Cars.
