Truck deliveries - August 2003

TRUCK DELIVERIES - AUGUST 2003 Deliveries of trucks from the Volvo Group to date this year have declined 6%, compared with the year-earlier period. Mack Trucks was down 26% and Renault Trucks declined by 9%. However, Volvo Trucks posted an increase of 6%. "In Europe, deliveries during August were somewhat lower compared with last year, while North America was significantly lower. In North America, however, we had a high delivery rate last year to meet customer demand for trucks ahead of the implementation of new emission standards. Based on the market activity we have seen lately, we believe there is an upside to our latest market outlook, in North America as well as Europe", 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 13% lower and North America down 8%. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Group 2003 2002 Europe 56 894 58 933 -3% Western Europe 51 281 53 949 -5% Eastern Europe 5 613 4 984 13% North America 20 823 24 973 -17% South America 3 403 3 438 -1% Asia 7 773 5 330 46% Other markets 4 735 6 421 -26% Total Volvo Group 93 628 99 095 -6% Mack Trucks, Inc. Deliveries from Mack Trucks, Inc. through August fell 26% compared with the corresponding period in 2002, reflecting sluggish US economic conditions through the first half of 2003. During September, production of Mack's vocational trucks was stopped for two weeks to adjust production to demand. However, order bookings for Mack were strong for the month of August, and dealers report increased quoting activity among potential customers. Deliveries by market area: Delivered Units Year-to-Date Change Mack Trucks, Inc. 2003 2002 Europe 1 n.a. Western Europe 1 n.a. Eastern Europe n.a. North America 10 978 15 227 -28% South America 262 431 -39% Asia 51 10 410% Other markets 770 636 21% Total Mack Trucks, Inc. 12 062 16 304 -26% Renault Trucks Deliveries from Renault Trucks through August fell 9 % compared with the year-earlier period. This is attributable primarily to the weak French market, where deliveries are down 16%. There are, however, some markets that have strengthened to date this year, such as Spain (+6%), Germany (+6%) and the UK (+14%). The Renault Master, Renault Midlum and Renault Magnum ranges are approaching the high sales levels reported last year. Deliveries by market area: Delivered Units Year-to-Date Change Renault Trucks 2003 2002 Europe 33 464 36 622 -9% Western Europe 30 858 34 420 -10% Eastern Europe 2 606 2 202 18% North America 213 n.a. South America 83 n.a. Asia 1 415 197 n.a. Other markets 1 914 3 949 n.a. Total Renault Trucks 37 089 40 768 -9% Volvo Trucks Volvo Trucks increased its deliveries during the January-August period by 6% compared with a year earlier. The company has increased deliveries in all markets except North America. This is explained by the exceptionally high deliveries in the US during the corresponding period in 2002. At that time, many customers chose to make purchases earlier prior to the more stringent emissions standards that became effective on October 1, 2002. The new Volvo VN range has been very well received on the market. Demand in certain markets in Europe remains high and deliveries in Spain (+29%) and in Sweden (+26%) are rising sharply. Deliveries by market area: Delivered Units Year-to-Date Change Volvo Trucks 2003 2002 Europe 23 429 22 311 5% Western Europe 20 422 19 529 5% Eastern Europe 3 007 2 782 8% North America 9 632 9 746 -1% South America 3 058 3 007 2% Asia 6 307 5 123 23% Other markets 2 051 1 836 12% Total Volvo Trucks 44 477 42 023 6% September 19, 2003 For further information, please contact: 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 Investor Relations: Fredrik Brunell, AB Volvo, +46 31 66 11 91 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/09/19/20030919BIT00300/wkr0001.doc http://www.waymaker.net/bitonline/2003/09/19/20030919BIT00300/wkr0002.pdf