TRUCK DELIVERIES - JULY 2003

Deliveries from Volvo's truck operations, which include Volvo Trucks,
Mack and Renault Trucks, declined 18% in July, compared with the
corresponding month in the preceding year. On a year-to-date basis,
deliveries amounted to 86,090 trucks, which is 4% below the year-earlier
period. In Europe, deliveries declined by 3%, while North America posted
a 14% decline compared with the first seven months in 2002.

"Our deliveries in July continued to decline in North America compared
with last year, reflecting high production rates in advance of the new
emission legislation in 2002. However, order bookings for July supports
our somewhat more positive view on the market development, both for
Europe and North America" says Volvo's CEO Leif Johansson.
On a 12-month rolling basis, total order bookings for the truck brands
was down 6% compared with the preceding year, with Europe down 11% and
North America down 12%.


Deliveries by market area:
Delivered Units            Year-to-Date       Change
Volvo Group               2003       2002 
Europe                  53,277     54,943        -3%
    Western Europe      48,064     50,366        -5%
    Eastern Europe       5,213      4,577        14%
North America           18,372     21,244       -14%
South America            2,970      2,982         0%
Asia                     7,161      4,808        49%
Other markets            4,310      5,799       -26%
Total Volvo Group       86,090     89,776        -4%

Mack

Deliveries from Mack through July totaled 10,811 units, down 23% from
the same period in 2002.  Despite some strengthening in the overall
North American heavy-duty truck market, activity in Mack's core market
segments of construction and refuse remained sluggish in July.  In
addition, Mack continues to face strong competition in its core segments
from manufacturers offering trucks with engines that do not comply with
the EPA '02 emissions regulations.

Deliveries by market area:
Delivered Units            Year-to-Date       Change
Mack                      2003       2002 
North America            9,841     13,204       -25%
South America              247        373       -34%
Asia                        51          8       538%
Other markets              672        535        26%
Total Mack              10,811     14,120       -23%

Renault Trucks
Deliveries from Renault Trucks declined by 8% through July 2003,
compared with the year-earlier period. This is due mainly to lower
deliveries to the French market, which were down 15%. This was partly
offset by increasing deliveries in Spain (+6%).

In Eastern Europe, deliveries continue to increase. This is a result of
a continued positive development of the market combined with a
strengthened commercial structure that has been developed during the
last few years.

The Renault Master, Renault Midlum and Renault Magnum truck ranges are
showing the best resistance to the trend of declining volumes.

Deliveries by market area:
Delivered Units            Year-to-Date       Change
Renault Trucks            2003       2002 
Europe                  31,632     34,262        -8%
    Western Europe      29,176     32,217        -9%
    Eastern Europe       2,456      2,045        20%
North America              193                   n.a.
South America               78                   n.a.
Asia                     1,342        138        n.a.
Other markets            1,806      3,594        n.a.
Total Renault           35,051     37,994        -8%
Trucks

Volvo Trucks

Volvo Trucks reported higher deliveries during the January-July period
in all markets. The increase compared with the year-earlier period was
7%. Eastern Europe showed continued growth and sharply rising demand was
noted particulary in Poland and Hungary.

In North America, demand for the new truck range continued to develop
well.

The South American market is still relatively strong and in Brazil Volvo
Trucks is the market leader in the heavy segment.

Deliveries by market area:
Delivered Units            Year-to-Date       Change
Volvo Trucks              2003       2002 
Europe                  21,645     20,681         5%
    Western Europe      18,888     18,149         4%
    Eastern Europe       2,757      2,532         9%
North America            8,338      8,040         4%
South America            2,645      2,609         1%
Asia                     5,768      4,662        24%
Other markets            1,832      1,670        10%
Total Volvo Trucks      40,228     37,662         7%

August 27, 2003

For further information, please contact:
Investor Relations:
Fredrik Brunell +46 31 66 11 91
Christer Johansson +46 31 66 13 34

Media Relations:
Bernard Lancelot, Renault Trucks, +33 4 72 96 27 59
Bob Martin, Mack +1 (610) 709-2670
Claes Claeson, Volvo Truck Corporation, +46 31 66 39 08,+46 708-36 39 08