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Volvo AB (VOL)

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Thursday 20 March, 2003

Volvo AB

Volvo the first western manufacturer with its own

Volvo THE FIRST WESTERN MANUFACTURER WITH ITS OWN PRODUCTION OF HEAVY
TRUCKS IN RUSSIA

Today's inauguration by Volvo Trucks of its own factory in Russia makes
this the first Western truck maker to establish its own production
facility for heavy trucks in the country. The company initially expects
to produce 200-300 trucks annualy for the Russian market.

This move is the result of a joint project together with Russian partner
AFK Sistema. The new facility in Zelenograd, just north of the Russian
capital, is part of the focus on this country's growing market for
modern heavy trucks.

There are currently about 12,000 Volvo trucks on Russian roads.
Following a couple of weak years in the wake of the 1998 economic
crisis, the market has recovered and last year Volvo delivered 423
trucks.

"An industrial base in Moscow will reinforce our position in Russia. It
is important to have a firm local presence in order to grow with the
market," says Jorma Halonen, President and CEO of Volvo Trucks.

At the same time as Volvo Trucks establishes its own production base in
Russia, it is also investing in sales to meet the demand for modern
heavy trucks.

With the establishment of its own production plant in Russia, Volvo
Trucks now has production facilities in 15 countries the world over.

March 20, 2003

For further information, please contact Claes Claeson, Volvo Truck
Corporation,
telephone +46 31 - 66 39 08 or +46 708 - 36 39 08,
E-mail: [email protected]
    

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