TRUCK DELIVERIES - FEBRUARY 2003

TRUCK DELIVERIES - FEBRUARY 2003 Deliveries from Volvo's truck operations, which include Volvo Trucks, Mack Trucks, Inc. and Renault Trucks, increased by 10% for the month of February, compared with the same month last year. On a year-to-date basis, deliveries amounted to 22,785 trucks, an increase of 11% compared with the corresponding period in the preceding year. In Europe, deliveries increased by 13% while North America posted a 6% increase compared with the first two months in 2002. "Deliveries in Europe continued to be on a good level while North America deliveries are still slow. Due to the current geopolitical uncertainty, there is a tendency among our customers to delay investment decisions," says Volvo's CEO Leif Johansson. On a 12-month rolling basis, total order bookings for the truck brands was at the same level as last year, with Europe down 6% and North America up 9%. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Group 2003 2002 Europe 14,984 13,298 13% Western Europe 13,735 12,442 10% Eastern Europe 1,249 856 46% North America 4,204 3,984 6% South America 710 602 18% Asia 1,795 1,203 49% Other markets 1,092 1,444 -24% Total Volvo Group 22,785 20,531 11% Mack Trucks, Inc. Due to the current level of market demand in the vocational segment, our Macungie assembly facility has scheduled two stop weeks during March. Deliveries by market area: Delivered Units Year-to-Date Change Mack Trucks Inc. 2003 2002 North America 2,359 2,376 -1% South America 83 98 -15% Asia 1 n.a. Other markets 124 150 -17% Total Mack Trucks Inc. 2,566 2,625 -2% Renault Trucks Renault Trucks' sales in Western Europe were down slightly while sales in Eastern Europe rose significantly. The light ranges, Renault Master and Renault Mascott, increased by 11 %, while the medium and heavy ranges fell by 5% during the first two months this year. Deliveries by market area: Delivered Units Year-to-Date Change Renault Trucks 2003 2002 Europe 9,084 9,003 1% Western Europe 8,431 8,564 -2% Eastern Europe 653 439 49% North America 38 n.a. South America 5 n.a. Asia 239 42 n.a. Other markets 442 809 n.a. Total Renault 9,808 9,854 0% Trucks Volvo Trucks Volvo Trucks increased deliveries in all markets during February. However, when compared to the same period for 2002, when the European industrial system was changed over to produce the new Volvo FH and Volvo FM models, deliveries were low. In North America, the new Volvo VN, which was launched in August last year, has been well received in the market, a factor which is now also possitively impacting the delivery statistics. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Trucks 2003 2002 Europe 5,900 4,295 37% Western Europe 5,304 3,878 37% Eastern Europe 596 417 43% North America 1,807 1,608 12% South America 622 504 23% Asia 1,556 1,160 34% Other markets 526 485 8% Total Volvo Trucks 10,411 8,052 29% March 19, 2003 For further information, please contact: Investor Relations: Fredrik Brunell +46 31 66 11 91 Christer Johansson +46 31 66 13 34 Media Relations: Bernard Lancelot, Renault Trucks, +33 4 72 96 27 59 Bob Martin, Mack Trucks, Inc. +1 (610) 709-2670 Claes Claeson, Volvo Truck Corporation, +46 31 66 39 08, +46 708-36 39 08 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/03/19/20030319BIT00480/wkr0001.doc http://www.waymaker.net/bitonline/2003/03/19/20030319BIT00480/wkr0002.pdf

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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.

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