Press release

Peter Karlsten new Senior Vice President Technology in the Group and President of Volvo Powertrain

2007-08-30

AB Volvo

Peter Karlsten, head of Volvo Trucks North America, has been appointed President of Volvo Powertrain. He will assume his new position on December 1, when his predecessor, Lars-Göran Moberg, retires. Karlsten will also assume the role as Senior Vice President Technology for the Volvo Group and become a new member of the Group Executive Committee.

Peter Karlsten new Senior Vice President Technology in the Group and President of Volvo Powertrain

Peter Karlsten has been head of Volvo’s North American truck operations since 2003. Prior to this he was head of Volvo Trucks in Brazil. Peter Karlsten has previously worked within ABB and holds a degree in engineering with graduate studies in economics.

“Lars-Göran Moberg has done an excellent job during the years of restructuring and focusing after the major acquisitions at the beginning of 2000,” comments Volvo CEO Leif Johansson.

“Peter Karlsten has many years of international experience in manufacturing and marketing. I am convinced he will contribute strongly in helping to develop and carry out the Group’s international expansion and strategic development,” adds Leif Johansson.

August 30, 2007

For more information, please contact Mårten Wikforss, +46 31 66 11 27 0r +46 705 59 11 49

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