New Large Order from Iran for 1,300 Volvo Trucks

Goteborg, SWEDEN

GOTEBORG, Sweden, Sept. 20, 2002 (PRIMEZONE) -- Volvo Trucks has secured an order for a total of 1,300 trucks from Iran, encompassing FH12 4x2 and 6x4 tractors. The order is valued at a total of about 600 million Swedish kronor (EUR 66 million).

The trucks will be delivered in kit form (CKD), featuring an agreed locally produced content and assembled on site in Teheran. The specification is tailored to meet European requirements, with Euro 3 engines, and the trucks will mainly be used in transit haulage operations.

The new order is part of Volvo's joint cooperation agreement previously signed with Saipa Diesel of Iran.

"So far this year, we have signed orders for more than 2,000 trucks for delivery to Iran, which is extremely gratifying," said Claes Svedberg, head of the International Division at Volvo Trucks.

For further information, please contact:

Claes Claeson, Volvo Truck Corporation,tel: +46 31-663908 or +46 708-363908

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 Goteborg, Sweden. Volvo (Nasdaq:VOLVY) shares are listed on the stock exchanges in Stockholm, London, Brussels and Frankfurt and on NASDAQ in the U.S.

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