Volvo Trucks North America and UAW Agree on Three-Year Contract

Volvo Trucks North America and UAW Agree on Three-Year Contract

Employees represented by the United Auto Workers have ratified a new three-year
agreement covering about 2,600 members of UAW Local #2069 at the New River
Valley, VA, plant.  The new contract takes effect on March 17, and will expire
on March 16, 2011.  The agreement ends the UAW strike that began on February 1.


“This agreement will help us improve the competitiveness of our NRV plant, while
continuing to provide our employees with a very competitive package of wages and
benefits,” said Per Carlsson, president and CEO of Volvo Trucks North America. 
“Our focus now is on getting trucks to our customers as soon as possible, and
strengthening our relationship with our NRV employees.”

Employees will return to work on March 24, when the plant will begin ramping up
to an average daily production rate of 146 vehicles a day.

March 17, 2008

Reporters who want more information, please contact:
Europe: Mårten Wikforss, +46 31 66 11 27 or +46 705 59 11 49.
US: John Mies, Volvo Trucks North America, +1 336 393 4300.

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AB Volvo (publ) may be required to disclose the information provided herein
pursuant to the Securities Markets Act. The information was submitted for
publication at 08.00 a.m. March 17, 2008.

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 100,000 people,
has production facilities in 19 countries and sells their products in more than
180 markets. Annual sales of the Volvo Group amount to about SEK 285 billion.
The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden.
Volvo shares are listed on OMX Nordic Exchange Stockholm.