Pressreleaser 2001

Roar Isaksen has been appointed head of Volvo Truck Corporation's Europe Division. Roar Isaksen is today responsible for the International Division and will take up his new position January 15, 2002

AB Volvo's Board of Directors has decided to apply for delisting from the Tokyo Stock Exchange.

In May 2001, AB Volvo's business unit Powertrain signed a Letter of Intent regarding the supply of 12 litre engines to International Truck and Engine Corporation, a wholly-owned subsidiary of Navistar International Corporation.

Volvo Construction Equipment (Volvo CE) today signed an agreement to acquire the assets of Scat Trak, the skidsteer loader business of Textron's (NYSE: TXT) subsidiary OmniQuip. The assets include exclusive manufacturing and product design rights to a complete range of 8 different skid-steers ranging from 1350 lbs to 2450 lbs operating capacity, tooling and inventory. Manufacturing facilities are not part of the agreement.

Deliveries from Volvo Global Trucks, which comprises Mack Trucks, Inc., Renault V.I. and Volvo Trucks, during the period January-November 2001 amounted to 141 923 units compared to 169 716 in the same period last year, a decrease of 16%. Order intake was down 12%. North America was down 37% and Europe 3% compared to the same period last year.

Volvo Construction Equipment (Volvo CE) has created its own and completely new Backhoe Loader range.

As announced earlier on October 24, Volvo Aero will be forced to reduce the number of employees as a result of the sharp downturn in the aviation industry.

AB Volvo har med anledning av medieuppgifter om en förestående flyttning av tillverkningen av lastbilshytter i Umeå till Blainville i Frankrike, beslutat att gå ut med följande dementi.

Nova Bus in St Eustache, Canada, a joint venture between Volvo Bus Corporation and Henlys, has been awarded a five-year contract for 825 buses. The customer is a purchasing consortium representing nine transit bus operators in the Province of Quebec, Canada. The deal is a base for a broad and viable business venture between the customers of the purchasing consortium and Nova Bus.

Deliveries from Volvo Global Trucks, which comprises Mack Trucks, Inc, Renault V.I. and Volvo Trucks, during the period January-October 2001 amounted to 127 661 units compared to 151 104 in the same period last year, a decrease of 16%. Order intake was down 11%. North America was down 37% and Europe 2% compared to the same period last year.