VOLVO TRUCKS APPOINTS NEW MANAGERS IN NORTH AND SOUTH AMERICA

Volvo Trucks has appointed new managers for its operations in North and
South America. As announced previously, Peter Karlsten, currently
President of Volvo do Brasil, will become President of Volvo Trucks
North America Inc. The new manager of Volvo Trucks' South American
operations, based in Curitiba, Brazil, will be Tommy Svensson.

Peter Karlsten has held a number of executive positions, most notably
for ABB, and has been stationed abroad for most of his career. He joined
Volvo do Brasil in autumn 2001. His task will be to continue the ongoing
restructuring of the North American market and to further improve and
enhance the efficiency of the company's aftermarket support.

Tommy Svensson is leaving his current position in Germany, where he has
served as President of Volvo Trucks Deutschland and the German-speaking
markets of Central Europe for the past three years. He has held a number
of senior positions, including Managing Director of Volvo Trucks in
Britain. Tommy Svensson's aim will be to expand Volvo's operations in
the 16-23 ton segment in South America. With the new Volvo VM model,
which was presented last week, the ambition is to sell 1,500 trucks next
year.

Tommy Svensson will be succeeded in Germany by Goran Simonsson,
currently head of Volvo Trucks in Switzerland and Austria. He will
assume responsibility for implementing the European division's new
distribution strategy in Germany. Already in his former position, Goran
Simonsson was one of the driving forces behind development of this
strategy.

All the new assignments become effective as of October 1.

September 8, 2003

For further information, 
please contact: Claes Claeson, Media Relations, Volvo Trucks
tel +46 31-66 39 08 or +46 708-36 39 08, e-mail: claes.claeson@volvo.com