By Stephen Nakrosis 
 

Volvo Group said Tuesday the company "detected that an emissions control component used in certain markets is degrading more quickly than expected," which could lead to engines emitting nitrogen oxides exceeding statutory limits.

Volvo Group also said "the cost to redeem the issue could be material."

The degradation doesn't pose a safety threat, and it doesn't affect the performance of the vehicle in areas other than emissions control, Volvo said. "The degradation is a result of a materials issue that occurs over time," it said.

The Swedish company also said "A full analysis of the issue is not completed and it is not possible to assess the financial impact at this stage; however, the cost could be material."

All of the affected vehicles met emissions standards at the time of delivery, the company said, adding most of the affected vehicles were sold in North America and Europe.

Volvo Group said the company is informing the appropriate authorities in various markets, and beginning discussions regarding remediation plans.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 16, 2018 15:07 ET (19:07 GMT)