Volvo Cars hacked! Research data stolen in cyberattack

Swedish manufacturer Volvo Cars said Friday that hackers had stolen research and development data from its systems in a cyberattack. The company, owned by China's Geely, "has become aware that one of its file repositories has been illegally accessed by a third party," it said.

"Investigations so far confirm that a limited amount of the company's R&D property has been stolen during the intrusion," Volvo added.

It warned that "there may be an impact on the company's operation" from the hack, sending its stock falling 3.5 percent in Stockholm, to 72.44 kronor ($8.00, 7.06 euros).

But the company added there was likely no "impact on the safety or security of its customers' cars or their personal data".

Goteborg-based Volvo is currently pumping cash into electrifying its entire range by 2030.

A spokesman told AFP that the company had not been hit by ransomware and remained in full control of its data.

He added that a "third party" had contacted Volvo "recently" about the information theft, without giving any details about the exchange.

Volvo Cars separated from truck manufacturer Volvo Group in 1999, before being bought by Geely in 2010.

Volvo Cars to Set Up Research Site in $3.3 Billion Battery Push

Volvo Car Group and Northvolt AB are forging ahead with a 30 billion kronor ($3.3 billion) push to make electric-vehicle batteries in Europe.

Bloomberg Business Dec 10, 2021, 12:31

(Bloomberg) -- Volvo Car Group and Northvolt AB are forging ahead with a 30 billion kronor ($3.3 billion) push to make electric-vehicle batteries in Europe.

The companies said Friday they’ll set up a research facility in Gothenburg, Sweden next year that will sustain “a few hundred” jobs. They’ll decide on a specific location for their battery factory in the region early 2022.

“Our partnership with Northvolt secures the supply of high-quality, sustainably-produced batteries for the next generation of pure electric Volvos,” Volvo Cars Chief Executive Officer Hakan Samuelsson said in a statement.

Volvo Cars has gained more than a third since its October trading debut in Stockholm as investors bought into the company’s turnaround and promise of an electric future. The carmaker owned by China’s Zhejiang Geely Holding Group Co. plans to sell only fully electric vehicles by the end of this decade -- up from 4% of shipments in the three months trough September.

Construction of the factory that’s supposed to supply batteries for Volvo and Polestar models is to begin in 2023, with the start of large-scale production targeted three years later.

The plant is expected to employ some 3,000 people and have an annual capacity of 50 gigawatt-hours of cells -- enough to supply around half a million cars.