Volvo AB

Truck deliveries - November 2002

TRUCK DELIVERIES - NOVEMBER 2002

Deliveries from Volvo's truck operations, which includes Volvo Trucks,
Mack Trucks, Inc. and Renault Trucks, declined by 7% for the month of
November, compared with the same month last year. On a year-to-date
basis, deliveries amounted to 143,840 trucks, an increase of 1% compared
with the corresponding period in the preceding year. In Europe,
deliveries declined by 3% while North America posted a 10% increase
compared with the first 11 months in 2001.

"Truck deliveries remained at a high level in Europe during November
while deliveries in North America declined as expected as a consequence
of the implementation of the EPA02 emission standards. We are now
utilizing the lower volumes to ramp-up the production of Mack trucks in
the New River Valley plant. This activity is proceeding well and
according to plan", says Volvo's CEO Leif Johansson.

On a 12-month rolling basis, total order bookings for the truck brands
was 2% higher than last year, with Europe down 3% and North America up
11%.

Deliveries by market area:

Delivered Units          Year-to-Date       Change

Volvo Group               2002       2001 
Europe                  87 136     90 148        -3%
    Western Europe      79 166     83 373        -5%
    Eastern Europe       7 970      6 775        18%
North America           34 809     31 685        10%
South America            4 867      5 292        -8%
Asia                     8 143      5 736        42%
Other markets            8 885      9 062        -2%

Total Volvo Group      143 840    141 923         1%



Mack Trucks, Inc.

Mack posted a 3% increase in deliveries through November. During
November, Mack formally closed its truck assembly operations in
Winnsboro, SC and took two non-production weeks at its Macungie, PA
facility.

Deliveries by market area:

Delivered Units          Year-to-Date       Change

Mack Trucks Inc.          2002       2001 
Europe                       1          6       n.a.
    Western Europe           1                  n.a.
    Eastern Europe                      6       n.a.
North America           20 800     19 514         7%
South America              586      1 130       -48%
Asia                        18         52       -65%
Other markets              883        863         2%

Total Mack Trucks Inc.  22 288     21 565         3%



Renault Trucks

Deliveries are following the downward trend in Western Europe. The light
truck segment has continued to show positive momentum, however.

Deliveries by market area:

Delivered Units          Year-to-Date       Change

Renault Trucks            2002       2001 
Europe                  52 568     52 171         1%
    Western Europe      49 116     49 593        -1%
    Eastern Europe       3 452      2 578        34%
North America                                 #DIV/0!
South America                                 #DIV/0!
Asia                       345        525       -34%
Other markets            5 651      6 006        -6%

Total Renault Trucks    58 564     58 702         0%



Volvo Trucks

Order intake for the newly introduced Volvo VN range continues to be at
a good level, with 4,000 orders placed so far. In Europe, Volvo Trucks
is continuing to run the production system at full capacity in order to
meet the demand for the new Volvo FH and Volvo FM trucks.

Deliveries by market area:

Delivered Units          Year-to-Date       Change

Volvo Trucks              2002       2001 
Europe                  34 567     37 971        -9%
    Western Europe      30 049     33 780       -11%
    Eastern Europe       4 518      4 191         8%
North America           14 009     12 171        15%
South America            4 281      4 162         3%
Asia                     7 780      5 159        51%
Other markets            2 351      2 193         7%

Total Volvo Trucks      62 988     61 656         2%



December 19, 2002

For further information, please contact:
Bernard Lancelot, Renault Trucks, +33 4 72 96 27 59
Bob Martin, Mack Trucks, Inc. +1 (610) 709-2670
Claes Claeson, Volvo Truck Corporation, +46 31 66 39 08,  
+46 708-36 39 08


The Volvo Group is one of the world's leading manufacturers of trucks,
buses and construction equipment, drive systems for marine and
industrial applications, aerospace components and services. The Group
also provides complete solutions for financing and service. The Volvo
Group, which employs about 71,000 people, has production facilities in
25 countries and sells their products in more than 185 markets. Annual
sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a
publicly-held company headquarterd in Göteborg, Sweden. Volvo shares are
listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.