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Volvo Cars reports theft of R&D data by hackers

STOCKHOLM — Volvo Cars said on Friday it had launched an investigation into a cyber security breach and the theft of some research and development data that could impact the company's operation. A spokesperson for the firm, majority owned by China's Geely Holding, said it had been approached by a third party, but declined to give any further details. "Investigations so far confirm that a limited amount of the company's R&D property has been stolen during the intrusion," the Swedish carmaker said in a statement. It added that "there may be an impact on the company's operation," without specifying what that might be. It said it did not see an impact on the security of its customers' cars or their personal data. The Gothenburg-based company said it had implemented security countermeasures to prevent further access to its property, while notifying relevant authorities. "Volvo Cars is conducting its own investigation and working with a third-party specialist to investigate the property theft," it said. Shares in Volvo Cars, whose IPO on Oct. 29 was the biggest in Europe this year, were down 3.2% at 1555 GMT.  

Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

Cyan Racing shows slightly tamer resto-modded Volvo P1800 GT

Cyan Racing, which was known as Polestar until Volvo purchased the rights to the name in 2015, has unveiled an evolution of its resto-modded P1800 that puts a bigger emphasis on comfort. Called GT, the coupe remains as attractive as its more track-focused sibling. If you need a refresher course, Cyan Racing branched out into street-legal cars when it unveiled a P1800 with classic good looks and modern performance in 2020. That was arguably the worst year to launch anything, let alone an expensive reboot of a relatively obscure classic, but Cyan was on to something: it didn't take long for the brand to receive its first orders.  Viewed from the outside, the GT looks a lot like Cyan's original P1800. It features two-piece bumpers, a front splitter, wheel arch flares and a racing-style fuel filler cap that pokes through the trunk lid. It's inside that you'll find some of the bigger changes: Cyan fitted more comfort-oriented front seats and installed a different roll cage, for example. The brand also notes that it installed more sound-deadening material. Power still comes from a turbocharged, 2.0-liter four-cylinder engine, though it has been tuned with a focus on drivability rather than on flat-out performance. How much power varies from car to car. The output of Cyan's previous P1800-based builds ranges from 350 to 420 horsepower. The turbo-four spins the rear wheels via a five-speed manual transmission, and the coupe weighs less than 2,200 pounds thanks in part to a carbon fiber body. The adjustable suspension system is specific to the GT and softer than the track-bound model's, too. Cyan notes that production of the P1800 GT will be limited, though it doesn't have a specific number of units in mind. Every build starts with a donor P1800, and production takes place in Gothenburg, Sweden. The process requires between 12 and 15 months of work per car. As for pricing, it depends on how the car is configured. Cyan told Autoblog that the average price of the cars built so far hovers around $600,000. That's a lot, but customers keep coming: Cyan notes the second car from the production run has already been shipped to the United States. Featured Gallery Cyan Racing's Volvo P1800 GT, official images View 9 Photos Aftermarket Design/Style Volvo Coupe Luxury Performance Classics