Truck Deliveries - April 2003

TRUCK DELIVERIES - APRIL 2003 Deliveries from Volvo's truck operations, which include Volvo Trucks, Mack Trucks, Inc. and Renault Trucks, declined 10% in April, compared with the corresponding month last year. On a year-to-date basis, deliveries amounted to 48,740 trucks, an increase of 3% compared with the year-earlier period. In Europe, deliveries increased 7%, while North America posted a 14% decline compared with the first four months in 2002. "Truck deliveries in Europe declined by 10% in April, reflecting the lower market activity, which is in line with our market outlook. In North America, Volvo Trucks continues to have a good momentum, while Mack is experiencing weaker demand," says Volvo's CEO Leif Johansson. On a 12-month rolling basis, total order bookings for the truck brands was down 7% compared with the preceding year, with Europe down 12% and North America up 5%. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Group 2003 2002 Europe 31,927 29,902 7% Western Europe 29,040 27,733 5% Eastern Europe 2,887 2,169 33% North America 9,125 10,560 -14% South America 1,584 1,669 -5% Asia 3,696 2,225 66% Other markets 2,408 2,996 -20% Total, Volvo Group 48,740 47,352 3% Mack Trucks, Inc. The decline in activity from the year-earlier period is partly attributable to the transfer of Mack production from Winnsboro to New River Valley, which resulted in significantly lower volume of Mack highway products available from November 2002 through April 2003. In addition, while the overall truck market in North America experienced some modest improvement in April, Mack's core segments of construction and refuse still lagged due to continuing concern over economic conditions. Deliveries by market area: Delivered Units Year-to-Date Change Mack Trucks Inc. 2003 2002 North America 4,912 6,570 -25% South America 124 231 -46% Asia 20 1 n.a. Other markets 339 293 16% Total, Mack Trucks Inc. 5,395 7,095 -24% Renault Trucks Deliveries declined by 3% through April. Eastern Europe continues to develop well and deliveries rose 38% to date this year. In Western Europe, deliveries continued the downward trend and declined by 5%. Deliveries in some countries increased. Spain was up 8%, UK 6% and Germany 2%. The market in Portugal is still experiencing difficulties and the volume of Renault Trucks was down 41%. Deliveries by market area: Delivered Units Year-to-Date Change Renault Trucks 2003 2002 Europe 18,912 19,368 -2% Western Europe 17,520 18,356 -5% Eastern Europe 1,392 1,012 38% North America 102 n.a. South America 21 n.a. Asia 429 92 n.a. Other markets 1,042 1,789 n.a. Total Renault Trucks 20,506 21,249 -3% Volvo Trucks Volvo Trucks increased deliveries in all markets through April. The significant increase in Western Europe (+23%) and Asia (+52%) is due partly to the low deliveries of Volvo FH and Volvo FM during the first quarter last year. However, demand for these new trucks has remained high and market shares gradually increased in important markets. Iran is the fourth largest market for Volvo Trucks so far this year. Deliveries amount to 1,364 (+110%), which reflects the successful partnership for truck assembly that Volvo Trucks has with Saipa Diesel in Teheran. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Trucks 2003 2002 Europe 13,015 10,534 24% Western Europe 11,520 9,377 23% Eastern Europe 1,495 1,157 29% North America 4,111 3,990 3% South America 1,439 1,438 0% Asia 3,247 2,132 52% Other markets 1,027 914 12% Total, Volvo Trucks 22,839 19,008 20% May 20, 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/2003/05/20/20030520BIT00570/wkr0001.doc http://www.waymaker.net/bitonline/2003/05/20/20030520BIT00570/wkr0002.pdf