Truck deliveries - October 2003

Deliveries of trucks from the Volvo Group to date this year declined 4%,
compared with the year-earlier period. Mack Trucks was down 26% and
Renault Trucks declined by 8%. However, Volvo Trucks posted an increase
of 8%.

On a 12-month rolling basis, total order bookings for the truck brands
was unchanged compared with the preceding year, with Europe 3% lower and
North America down 4%.

"The European heavy truck market continues to be stable at a favorable
level," Leif Johansson, CEO and President of the Volvo Group said. "In
North America, however, we still have low demand without any clear signs
of a significant improvement."

Deliveries by market area:

Delivered Units          Year-to-Date       Change
Volvo Group               2003       2002 
Europe                  74 147     78 068        -5%
    Western Europe      66 629     71 108        -6%
    Eastern Europe       7 518      6 960         8%
North America           28 503     32 997       -14%
South America            4 711      4 446         6%
Asia                    11 852      7 193        65%
Other markets            5 781      7 935       -27%
Total Volvo Group      124 994    130 639        -4%


Mack Trucks, Inc.
Deliveries for Mack Trucks, Inc., through October totaled 15,551 units -
down 26% from the year-earlier period. Dealers are reporting that some
customers who had purchased trucks with non-EPA '02 compliant engines in
2003 were moving back to Mack's EPA '02 compliant products for their
2004 purchase programs.

Deliveries by market area:

Delivered Units              Year-to-Date       Change
Mack Trucks, Inc.             2003       2002 
Europe                           1          1 
    Western Europe               1          1 
North America               14 150     19 721       -28%
South America                  322        533       -40%
Asia                            72         27       167%
Other markets                1 006        784        28%
Total Mack Trucks, Inc.     15 551     21 066       -26%

Renault Trucks
Deliveries for Renault Trucks from January through October totaled
48,367, down 8% compared with the corresponding period in the preceding
year. Sales in Spain rose by 4%, Austria increased 22% and Germany was
up 6%. Eastern European sales increased by 13%, with 3,379 units. In
Poland, a total of 1,157 vehicles have been sold since beginning of
2003, an increase of 21%. In the medium-heavy segment, sales of the
Renault Midlum were highly satisfactory at exactly the same level as in
2002, illustrating the sustained interest from customers for this
vehicle. The deliveries of Renault Master and Renault Magnum, both ends
of the broad Renault Trucks offering, are also holding up well.

Deliveries by market area:

Delivered Units           Year-to-Date       Change
Renault Trucks             2003       2002 
Europe                   43 226     47 536        -9%
    Western Europe       39 847     44 554       -11%
    Eastern Europe        3 379      2 982        13%
North America               297                   n.a.
South America               142                   n.a.
Asia                      2 361        319       640%
Other markets             2 341      5 000       -53%
Total Renault Trucks     48 367     52 855        -8%


Volvo Trucks
Volvo Trucks increased its deliveries during the period January to
October by 8%. All regions posted higher figures compared with the year-
earlier period. In October, the Volvo NH, a front-engine truck developed
for the South American market, was launched in Brazil. This is the ninth
introduction from Volvo Trucks in slightly more than three years and
this launch marks the completion of the global product renewal.
Deliveries in Asia have risen steadily during the year, due primarily to
very strong demand for the Volvo FH and Volvo FM in Iran. Today, Iran is
the third largest single market for Volvo Trucks after the US and the
UK.

Delivered Units          Year-to-Date       Change
Volvo Trucks              2003       2002 
Europe                  30 920     30 531         1%
    Western Europe      26 781     26 553         1%
    Eastern Europe       4 139      3 978         4%
North America           14 056     13 276         6%
South America            4 247      3 913         9%
Asia                     9 419      6 847        38%
Other markets            2 434      2 151        13%
Total Volvo Trucks      61 076     56 718         8%


November 20, 2003

For further information, contact:
Media Relations:
Bernard Lancelot, Renault Trucks, +33 4 72 96 27 59
Bob Martin, Mack Trucks, Inc. +1 (610) 709-2670
Claes Claeson, Volvo Truck Corporation, +46 31 66 39 08,  
+46 708-36 39 08
Investor Relations:
Fredrik Brunell, AB Volvo, +46 31 66 11 91


Volvo Trucks sells trucks and  transport solutions, specialized in heavy trucks
with total weights above 16 tons. The companys products are marketed in more
than 130 countries. Volvo Trucks is part of the Volvo Group, one of the worlds
leading manufacturers of trucks, buses and construction equipment, drive systems
for marine and industrial applications, aerospace components and services. The
Group also provides complete solutions for financing and service.