Press releases 2002

Volvo's subsidiary Renault Trucks has concluded an agreement covering technology transfer pertaining to truck engines with the Chinese truck manufacturer Dong Feng Motors. The agreement is intended to provide Dong Feng Motors the possibility of equipping its trucks with Renault engines.

Deliveries from Volvo's truck operations, which includes Volvo Trucks, Mack Trucks, Inc., and Renault Trucks, increased by 19% for the month of September, compared with the same month last year. On a year-to-date basis, deliveries amounted to 114,618 trucks, an increase of 1% compared with the same period last year. In Europe, deliveries declined by 4 % while North America increased with 8% compared with the same period last year.

Despite the difficult business climate, the Group's third - and usually weakest quarter - contained a number of positive trends. Most important is the increased contribution from the truck operations, where we now see clear effects of synergies. In Western Europe, the demand for the new Volvo and Renault models continued to be strong. Both brands gained market shares and showed improved profitability. We have also noted underlying improvements in North America, even though the sales increase primarily was a result of the peak linked to the implementation of the new emission standard. On the negative side, the deep downturn in the aviation industry seriously affected our aerospace operations in the third quarter, which is reflected in the on-going adjustments of capacity, says Leif Johansson, CEO.

AB Volvo hereby invites the mass media to a press conference on Thursday, October 24 in conjunction with the release of the Volvo Group's report on the third quarter 2002.

Volvo's Environment Prize 2002 was awarded today to Professor Sir Partha Dasgupta and Professor Karl-Göran Mäler. The two men were recognized for their pioneering research within environmental and resource economics. The Prize, an honorarium of SEK 1.5 million, was presented at an official ceremony in Göteborg, Sweden.

LOKALA JOBB SKAPAS NÄR VOLVO AERO OCH INNOVATUM STARTAR PROJEKT FÖR ATT STÄRKA KONKURRENSKRAFTENI höst startar Volvo Aero och Innovatum ett samarbete, som syftar till att öka konkurrenskraften för Volvo Aero och lokala företag inom verkstadsindustrin. Projektet, kallat "Digitalt länkad processtyrning", syftar till att kraftigt reducera genomloppstiden från produktutveckling till färdig produkt genom att man använder sig av ny teknik i samtliga steg av produktionen.

By developing a new drying method for painted engine blocks, Volvo Powertrain in Skövde succeeded in reducing its energy consumption by 90 percent. Volvo's executive management is eager to see more efficiency improvements of this kind within the Group. I have urged all of our employees to do their best to make Volvo a world leader in terms of energy efficiency and low emissions, says the Volvo Group's President and Chief Executive Officer, Leif Johansson.

Volvo Construction Equipment announced the appointment of three new dealers in China at the Volvo China Open golf tournament held in Shanghai September 15th 2002

Volvo Trucks North America, Inc. today announced the U.S. Environmental Protection Agency has given permission for Volvo to manufacture and sell trucks with Volvo's EPA02-compliant VED12 diesel engine after October 1, 2002.

Glenn Bourke is widely respected within the sailing community and, following his success as CEO of illbruck Challenge, the winner of The Volvo Ocean Race 2001-2002, he has accepted the position as Chief Executive of The Volvo Ocean Race, following the retirement of Helge Alten.