• Volvo's holding of Scania B shares was divested to Deutsche Bank on March 4, 2004 for an amount of about SEK 15 billion.
  • Volvo acquires Bilia's truck and construction equipment operations
  • Volvo Trucks begins production in Russia and also started assembly of trucks in China.¬†New model introductions: Volvo NH in Brazil, Volvo FH and Volvo FM in South America and the new medium-heavy truck in the 17-23 ton segment, Volvo VM, was also introduced during 2003 and the new Volvo FH16.
  • Volvo CE starts¬† the production in China and acquires US dealer L B Smith.
  • Volvo Penta is launching a new generation of medium-heavy diesel engines for leisure boats.
  • Renault Trucks launches the new Renault Master.
  • Volvo Aero is partner in General Electric's new LMS100 gas turbine.
  • Volvo and ArvinMeritor plan strategic alliance on axles.