VOLVO - REPORT ON THREE FIRST MONTHS 2003 - SHORT VERSION

"The  truck  operations improved considerably. Volvo Trucks'  sales  and
earnings  in Europe were strong and Renault Trucks continued to increase
profitability.  In  North America Trucks reduced  losses  and  Financial
Services  returned  to  profitability in the  first  quarter.  Volvo  CE
increased   sales  and  earnings  despite  continued  weak  market   for
construction  equipment  in Europe and North  America.  The  travel  and
tourist  industry  remained  under severe pressure,  which  was  further
intensified  by  preparations for war in Iraq during the first  quarter.
The  weak demand for travels continued to hold back sales for both Volvo
Buses and Volvo Aero," says Leif Johansson, CEO.

                                       First three months
                                         2003        2002
                                                         
Net sales, SEK M                       40 931      40 385
Operating income, SEK M                   909       (362)
Income after financial                    757       (618)
items, SEK M
Net income, SEK M                         506       (746)
Sales growth, %                           1.4       (7.7)
Income per share during the              1.20      (1.80)
first quarter, SEK
Return on shareholders' equity during    3.3       (1.6)
most recent 12 months period, %
                                        
Operating                             First three months
income
SEK M                                     2003 2002
Trucks                                   527 (474)
Buses                                   (83) (94)
Construction                             140 (131)
Equipment
Volvo Penta                              159  146
Volvo Aero                               (6)  78
Financial                                212  115
Services
Other                                     (40) (2)
Operating                                909 (362)
income

Q1  R&D  Capitalization:  Total 80, Trucks  41,  Buses  3,  Construction
Equipment 5, Volvo Penta 32, Volvo Aero -1, Financial Services 0
12  months  moving  order intake for Trucks through  March:  total  -4%,
Europe -9%, North America +1%

For more information, please see the full report, which is available  on
www.volvo.com.

AB Volvo, April 28, 2003