Volvo AB

Volvo Technology Award 2004 goes to fuel-effici...

Volvo Technology Award 2004 goes to fuel-efficient wheel loaders

The Volvo Technology Award 2004 of SEK 200,000 was presented at the Annual
General Meeting on April 16 to a group of Volvo Construction Equipment
engineers. The group achieved a significant improvement in efficiency and
reduction in fuel consumption for the new E-series of wheel loaders.

The new E-series machines from Volvo Wheel Loaders are available in ten
different sizes. Independent comparisons show that these machines offer users by
far the lowest fuel consumption and highest efficiency on the market. The
E-series developers adopted a holistic perspective by designing every machine
component as an integral part of the overall system.

The means employed by the team to achieve these good results included efficient
diesel engines developing high torque at lower engine revs, power trains with
optimised characteristics in terms of torque converters, transmissions and axles
and load-sensing hydraulics, affording low losses and enabling high flows to be
utilised at low revs. The market has received the E-series very well, which is a
further compliment to its developers. The group of engineers consists of Joakim
Unnebäck, Tore Oscarsson, Bo Vigholm and Reno Filla of Volvo Wheel Loaders AB,
and Sven-Åke Carlsson of Volvo CE Components AB. Volvo's CEO Leif Johansson
presented the prize of SEK 40,000 each in accordance with tradition.

The Volvo Technology Award was instituted in 1988 to express appreciation for
particularly prominent technological efforts within the Volvo Group,
contributing to Volvo's technical profile and stimulating efforts that advance
the Group's technical expertise.

April 16, 2004

For further information, please contact Lars-Erik Larsson, Volvo Technology AB,
+46 31 66 65 50, [email protected]

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 76,000 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 headquartered in Göteborg, Sweden. Volvo
shares are listed on the stock exchanges in Stockholm, London and Frankfurt and
on NASDAQ in the US.