Volvo - nine months ended September 30, 2003
                                           
                               Third quarter First nine months
                              2003     2002      2003     2002
                                                           
Net sales, SEK M            40 511   41 524   126 035  131 203
Operating income, SEK M      1 617      817     4 768    2 014
Income after financial       1 298      584     4 098    1 276
items, SEK M
Net income, SEK M              956      421     3 184      755
Sales growth, %              (2.4)      0.9     (3.9)    (0.6)
Income per share, SEK         2.30     1.00      7.60     1.80
Return on shareholders' equity during most        5.0      0.3
recent 12 months period, %

* The new Volvo NH and Volvo VM trucks have been introduced in South
  America.  In  addition,  Volvo Penta launched a completely  new  
  product offering for leisure boats.
* Net  sales  for the third quarter 2003 amounted to  SEK  40,511  
  M (41,524).
* Strong improvement in truck operations due to improved results  in
  North  America  and  a favorable earnings trend in  Europe  within  
  both Renault Trucks and Volvo Trucks.
* Net income increased to SEK 956 M (421) in the third quarter.
* Income per share for the third quarter amounted to SEK 2.30 (1.00).
  Income per share for the most recent 12-month period was SEK 9.10.
* Cash  flow after net investments excluding Financial Services  was
  negative in an amount of SEK 0.8 billion in the third quarter 
  (negative: 0.9).

Aktiebolaget Volvo (publ)    Contacts            
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