VOLVO TRUCKS COMPLEMENTS OFFERING IN NORTH AMERICA WITH NEW 465-HP
ENGINE

Volvo Trucks North America has launched a new 465-hp engine for the
North American market that meets EPA02 environmental standards. Volvo is
the only company in the North American market now able to offer a
complete range of engines with the same power output levels it offered
before the new, more stringent emission requirements took effect.

Volvo's new VN series has been favorably received by customers and trade
press since the launch in August 2002. The new engine is the most
powerful in the series of engines Volvo has developed to meet the
EPA02requirements that took effect on October 1, 2002. With a power
output of 465 horsepower, the engine is intended primarily for customers
that drive heavy transports over long distances.

Volvo is the only truck manufacturer in North America to launch a
completely new series of trucks adapted from the start to the strict
emission demands now imposed in the US.

February 24, 2003

For additional information, contact:
Claes Claesson, tel +46 31-66 39 08; mobile +46 708-36 39 08

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 shares are
listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.