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Volvo AB (VOL)

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Monday 27 January, 2003

Volvo AB

VOLVO LARGEST BUS BRAND IN SWEDEN AND NORDIC REGIO

VOLVO LARGEST BUS BRAND IN SWEDEN AND NORDIC REGION

Again in 2002, Volvo Buses was the distinct market leader in Sweden and
increased its market share from 52.4% to 57.1% in the over-12-ton total
weight class. In addition, Volvo was the largest bus brand in the Nordic
region, in which the company increased its market share from 47% to
52.7%.

A total of 896 buses were registered in the Swedish market in 2002,
compared with 815 in 2001. The total market in the Nordic region also
rose during 2002, from 1,766 to 2,104 registered vehicles. Volvo Buses
also made a breakthrough in 2002 in Estonia as a result of the order
from Tallinna Autobussikoondise AS for 15 Volvo 8500 buses.

With an infrastructure that favors bus transportation, Estonia is a
growing market for buses. The order for the Volvo 8500 is the result of
the first open EU tendering for city busses in the country. The 15 buses
will be delivered in April 2003. Volvo Buses Estonian partner Balvo AS
has two of its own service centers and a subcontractor workshop. Two
additional workshops are planned.

January 27, 2003

For further information contac: Ulf Arensberg tel +46 31 66 66 50

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.
                                                                                                                                                                                

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