Volvo Deputy CEO Jorma Halonen to retire

Jorma Halonen, Deputy CEO of Volvo will retire on April 1, 2008. His duties in recent years have included responsibility for Volvo’s expansion in Asia.

”I have been considering my situation for some time and came to the conclusion that it is about time to slow my work pace. The past few years have been very intensive, involving many trips and time lags, which take their toll physically,” comments Jorma Halonen.

”Jorma has carried a heavy load and together with committed employees his accomplishments include the transaction with Nissan Diesel in Japan and now most recently the agreement with Eicher in India,” says Volvo CEO Leif Johansson. “Certainly, there is work remaining, which includes China, but we now have an organization in place that can handle these issues. Although Jorma will leave a void behind him, this can be a favorable time to pass the baton.”

December 18, 2007

For reporters who want more information, please contact Mårten Wikforss, +46 31 66 11 27 or +46 705 59 11 49.

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AB Volvo (publ) may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 16.20 p.m. December 18, 2007.