Volvo the first western manufacturer with its own production of heavy trucks in russia

Volvo THE FIRST WESTERN MANUFACTURER WITH ITS OWN PRODUCTION OF HEAVY TRUCKS IN RUSSIA Today's inauguration by Volvo Trucks of its own factory in Russia makes this the first Western truck maker to establish its own production facility for heavy trucks in the country. The company initially expects to produce 200-300 trucks annualy for the Russian market. This move is the result of a joint project together with Russian partner AFK Sistema. The new facility in Zelenograd, just north of the Russian capital, is part of the focus on this country's growing market for modern heavy trucks. There are currently about 12,000 Volvo trucks on Russian roads. Following a couple of weak years in the wake of the 1998 economic crisis, the market has recovered and last year Volvo delivered 423 trucks. "An industrial base in Moscow will reinforce our position in Russia. It is important to have a firm local presence in order to grow with the market," says Jorma Halonen, President and CEO of Volvo Trucks. At the same time as Volvo Trucks establishes its own production base in Russia, it is also investing in sales to meet the demand for modern heavy trucks. With the establishment of its own production plant in Russia, Volvo Trucks now has production facilities in 15 countries the world over. March 20, 2003 For further information, please contact Claes Claeson, Volvo Truck Corporation, telephone +46 31 - 66 39 08 or +46 708 - 36 39 08, E-mail: ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download:

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The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The headquarter is located in Gothenburg, Sweden.