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Volvo AB (VOL)

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Monday 22 April, 2002

Volvo AB

Statement re. Press Comment



Volvo CE establishes production facility in China
Volvo Construction Equipment (Volvo CE) has decided to establish a
wholly owned subsidiary and facility, Volvo Construction Equipment
(China) Co, Ltd, for production of construction equipment in Shanghai,
China. The new facility is scheduled to be in operation as from spring
2003 and will initially be used for the assembly of crawler excavators.
The company will employ 150 to start with.
The Chinese market for crawler excavators is one of the biggest markets
in the world with annual sales of over 10,000 units, a number that is
expected to grow over the coming years.
"Our new facility is designed to meet future customer requirements and
we will be able to produce a couple of thousands of machines depending
on customer demand," says Mr. Tony Helsham, President & CEO of Volvo CE.
The new company will be based on 70,000 m2 of land in the Jinqiao Export
Processing Zone in Shanghai's Pudong New Area. The investment in the new
facility amounts to approximately 15 MUSD. Volvo has recently been
granted the necessary business license and needed approvals.
Volvo CE currently has 8 independent dealers in China responsible for
sales and service of mainly heavy equipment.
For further information, please contact:
Mr Klas Magnusson
Senior Vice President Corporate Communications
Volvo Construction Equipment
Tel: +32 2 482 5065 mobile: +32 475 576214
April 22, 2002
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