Volvo -- nine months ended September 30, 2003


GOTEBORG, Sweden, Oct. 23, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY)(Other OTC:VOLVF) (Other OTC:VOLAFK):


                                Third quarter First nine months
                               2003     2002      2003     2002

 Net sales, SEK M            40 511   41 524   126 035  131 203
 Operating income, SEK M      1 617      817     4 768    2 014
 Income after financial       1 298      584     4 098    1 276
 items, SEK M
 Net income, SEK M              956      421     3 184      755
 Sales growth, %              (2.4)      0.9     (3.9)    (0.6)
 Income per share, SEK         2.30     1.00      7.60     1.80
 Return on shareholders' equity during most        5.0      0.3
 recent 12 months period, %


 -- The new Volvo NH and Volvo VM trucks have been introduced in South
    America.  In addition, Volvo Penta launched a completely new
    product offering for leisure boats.
 -- Net sales for the third quarter 2003 amounted to SEK 40,511 M (41,524).
 -- Strong improvement in truck operations due to improved results in
    North America and a favorable earnings trend in Europe within
    both Renault Trucks and Volvo Trucks.
 -- Net income increased to SEK 956 M (421) in the third quarter.
 -- Income per share for the third quarter amounted to SEK 2.30 (1.00).
    Income per share for the most recent 12-month period was SEK 9.10.
 -- Cash flow after net investments excluding Financial Services was
    negative in an amount of SEK 0.8 billion in the third quarter
    (negative: 0.9).

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