First quarter 2003
The truck operations improved considerably. Volvo Trucks' sales and earnings in Europe were strong and Renault Trucks continued to increase profitability. In North America Trucks reduced losses and Financial Services returned to profitability in the first quarter.
Volvo CE increased sales and earnings despite continued weak market for construction equipment in Europe and North America.
The travel and tourist industry remained under severe pressure, which was further intensified by preparations for war in Iraq during the first quarter. The weak demand for travels continued to hold back sales for both Volvo Buses and Volvo Aero.