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Volvo Cars of North America July Sales up 32.3%

ROCKLEIGH, – Strong sales for the S60 and Cross Country drove Volvo Cars of North America, Inc. to its second best July ever with sales of 12,154 units during the month. Capping four consecutive months of year-to-year sales increases, July resulted in a 32.3% increase when
compared to July 2000.

Vic Doolan, President and CEO observes: “July was an impressive month for
Volvo as we continue to exceed expectations with the S60, Cross Country and
S40 in a challenging environment. Following a record June and second quarter,
July has proven to be a great beginning for the third quarter. With our
momentum rising, we foresee a strong second half for the year.”

The company noted that Volvo sales in Canada continue to impress as well,
with July sales up 47.2% over July 2000.

Volvo Cars of North America, Inc. is part of the Volvo Car Corporation of
Goteborg, Sweden. The company provides marketing, sales, parts, service,
technology and training support to Volvo automobile retailers in the US,
Canada, Mexico and Puerto Rico.

The 2001 Volvo automobile line includes the flagship S80 luxury sedan, versatile V70 wagon and rugged Cross Country, C70 coupe and convertible, the sporty S60 sedan and compact S40 and V40
models.

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