Press releases 2004

Further to the decision taken by AB Volvo's Board of Directors on June 17, 2004, regarding repurchase of own shares, AB Volvo has, on Wednesday November 3, acquired 300,000 series B shares. The shares were traded between SEK 270.50 and 273 with an average price of SEK 272.03.

As the fishing industry in Iceland is undergoing change, the demand for high performance engines for high speed fishing boats is growing. Volvo Penta’s D12-650 engine provides these boats the features that are ideal for small scale fishing: rapid acceleration, high top speed and high fuel efficiency.

Volvo Buses has received an order for 184 articulated buses from Stockholm, Sweden. The buses will be used for passengers expected to park their cars outside the city when Stockholm introduces environmental charges next summer.

Further to the decision taken by AB Volvo's Board of Directors on June 17, 2004, regarding repurchase of own shares, AB Volvo has, on Monday November 1, acquired 250,000 series B shares. The shares were traded between SEK 269.50 and 272.50 with an average price of SEK 271.14.

Stefan Carlsson has been appointed head of Region Europe within Volvo Penta. He succeeds Göran Gummeson, who was previously appointed President of Volvo Penta after Staffan Jufors.

Further to the decision taken by AB Volvo's Board of Directors on June 17, 2004, regarding repurchase of own shares, AB Volvo has, on Wednesday October 27, acquired 450,000 series B shares.

AB Volvo and Renault have signed a settlement agreement regarding the disagreement the companies have had since 2001 pertaining to Volvo's acquisition of Renault VI/Mack. According to this settlement, Renault will transfer EUR 108 M to AB Volvo.

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Volvo Buses is launching the world's longest bus. This is a bi-articulated, 26.8-meter bus with room for 300 passengers. The bus has been designed for dedicated bus lanes that are a cost-effective alternative to the metro.

As part of the restructuring of the bus manufacturer Henlys Group plc, Volvo Group has reached an agreement to acquire the remaining 50% of the North American bus manufacturer Prévost Car Inc., containing the Prévost and Nova brands. The purchase price is USD 83 M including two loans made available to Prévost Car Inc. by Henlys. According to the agreement Prévost Car Inc. will become a wholly owned subsidiary of Volvo Bus Corporation. The agreement also involves Volvo converting part of the convertible debenture loan of USD 240 M issued to Henlys into shares in a newly established US based company containing the US school bus manufacturer, Blue Bird. The conversion will result in a write-down requirement of approximately USD 170 M.