Volvo  - three months ended March 31, 2003
                                                          
                                             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 most      3.3       (1.6)
recent 12 months period, %




*Net  sales  for the first quarter 2003 amounted to  SEK  40,931  M(40,385).

*Strong  improvement in earnings, improved Truck result in  Europe,
 reduced losses in North America and increased profitability within Volvo
 CE.

*Production changeover in North America completed.

*Net income improved to SEK 506 M (loss: 746).

*Income  per share for the first three months amounted to SEK  1.20 (loss: 1.80).

*Cash  flow  after  net  investments excluding  Financial  Services
 amounted to a negative SEK 2.2 billion in the first quarter (2.5).