HAKAN KARLSSON NEW PRESIDENT OF VOLVO BUSes

Hakan Karlsson, 41, will assume the position of president of Volvo Bus
Corporation on June 1 and will become a member of the Group Executive
Committee. He succeeds Jan Engstrom who will assume another position
within the Volvo Group that will be announced later. Hakan Karlsson is
currently president of Volvo Logistics, a Group-wide unit responsible
for transportation and logistics.

"Jan Engstrom has done a great job and has worked hard with
restructuring Volvo Buses and to reverse the company's earnings trend
during a period with weak markets," says Volvo CEO Leif Johansson. "I am
convinced that Hakan Karlsson is well suited to taking the baton and
continuing with this trend toward improved profitability for Volvo's bus
operations. This also represents the addition of a younger generation in
Group Executive Committee."

Hakan Karlsson has worked in Volvo since 1986 and has previously held
senior positions within Volvo, including head of production for Volvo
Trucks in Goteborg.

April 14, 2003

For further information contact Marten Wikforss, tel +46 705-591149