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Volvo Cars of North America Records Best First Half Year Ever in U.S. Sales For June Up 22.1 Percent

IRVINE, Calif., July 1 -- Volvo Cars of North America, LLC (VCNA) records its best six months on record in the United States. Driven by strong performances by the XC90, V70, S/V 40 and C70, year-to-date sales in the U.S. are up 25.5 percent for 2003.

Volvo capped the second quarter with sales of 13,386 units during June. Sales were up 22.1 percent compared to the same period last year, the eighth consecutive monthly increase.

Vic Doolan, VCNA President and CEO observes, "2003 has been impressive for Volvo. It is an indication that the overall Volvo product range is exciting, attractive and a great value, ... in a highly competitive marketplace."

Sales of the V70, Volvo's versatile wagon, were noteworthy as the company prepares this month to celebrate its 50th year of producing wagons. V70 sales are up 26.1 percent year-to-date, reinforcing Volvo's leadership in the segment.

Overall, sales for NAFTA (United States -- including Puerto Rico,* Canada, and Mexico) reached 14,682 units, representing an increase of 20.3 percent over the same period last year. Volvo sales for the year are 23.8 percent ahead of 2002.

Volvo sales in Canada remained steady for the month and are up 12.5 percent for the year.

VCNA, part of the Volvo Car Corporation of Gothenburg, Sweden, provides marketing, sales, parts, service, technology and training support to Volvo automobile retailers in the United States, Canada, Mexico and Puerto Rico.

The 2003 Volvo automobile line includes the award-winning XC90, the sporty S60 sedan -- including the award-winning performance sedan -- S60 R, the flagship S80 luxury sedan, versatile V70 wagon and rugged XC70 (Cross Country), the C70 convertible, and the compact S40 and V40 models.

                                   UNITED STATES

                                    June               Year-to-Date
                    2003*      2002         %      2003*     2002        %
       Volvo Model
       S40          1,380     1,706    -19.1%      7,317    7,449   -1.8%
       V40            257       268     -4.1%      1,646    1,378    19.4%
       S60          3,514     4,021    -12.6%     18,585   20,356    -8.7%
       V70          1,375       793     73.4%      6,549    5,195    26.1%
       XC70         1,566     2,388    -34.4%      8,741    9,820   -11.0%
       C70            416       387      7.5%      2,021    1,952     3.5%
       S80          1,593     1,396     14.1%      7,422    7,803    -4.9%
       XC90         3,285       n/a       n/a     15,447      n/a      n/a

      USA TOTAL    13,386     10,959    22.1%     67,728   53,953    25.5%

                                   CANADA

                                    June               Year-to-Date
                     2003      2002         %       2003     2002        %
       Volvo Model
       S40            147       172    -14.5%        627      747   -16.1%
       V40             97        89      9.0%        414      465   -11.0%
       S60            253       319    -20.7%      1,543    1,698    -9.1%
       V70            110       165    -33.3%        584      679   -14.0%
       XC70           156       169     -7.7%      1,036      989     4.8%
       C70             16        18    -11.1%         32       73   -56.2%
       S80             22        74    -70.3%        233      344   -32.3%
       XC90           210       n/a       n/a      1,151      n/a      n/a

    CANADA TOTAL    1,011     1,006      0.5%      5,620    4,995    12.5%

                                   MEXICO

                                    June               Year-to-Date
                     2003      2002         %       2003     2002        %
       Volvo Model
       S40             95       135    -29.6%        578      733   -21.1%
       V40              0         1   -100.0%          7       25   -72.0%
       S60             80        73      9.6%        366      461   -20.6%
       V70              0         3   -100.0%          4        9   -55.6%
       XC70             2         6    -66.7%         10       42   -76.2%
       C70              1         2    -50.0%         10       18   -44.4%
       S80             19        24    -20.8%         91      128   -28.9%
       XC90            88       n/a       n/a        307      n/a      n/a

    MEXICO TOTAL      285       244     16.8%      1,373    1,416    -3.0%

    NAFTA TOTAL    14,682    12,209     20.3%     74,721    60,364   23.8%

     *  USA Totals include Puerto Rico for 2003

NOTE TO EDITORS: Volvo Media Website: www.volvocars-pr.com