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February 2004: Volvo Cars Reports Sixteenth Consecutive Sales Increase

XC90 continues strong as Volvo's sales leader in the U.S.

IRVINE, Calif., March 2 -- Volvo Cars of North America, LLC (VCNA) recorded a year-over-year sales increase for the sixteenth month in a row. Sales for February were up 16.5 percent compared to the same period last year. There were 10,202 units sold in the United States, including the newly arrived all-new Volvo S40.

The award-winning Volvo XC90 turned in a strong performance and again was Volvo's sales leader. "We are very pleased with the success of the Volvo XC90," said Vic Doolan, VCNA President and CEO. "And we're continuing to see indicators that east or west, Volvo's SUV is the best."

Adding credence to the claim, the Volvo XC90 was recently named "Best Luxury SUV of the Rockies" by the Rocky Mountain Automotive Press, in addition to the "Best in Class for SUV over $30,000" by the New England Motor Press Association. The Volvo XC90 has garnered accolades from a wide range of diverse regions, forms and functions, as well as demographics.

The Volvo XC90 will soon see some stiff sales figure competition from the all-new Volvo S40. With its class-leading safety, great design, and dynamic performance, the all-new Volvo S40 sedan has received favorable reviews in the motor press and at Auto Shows, by the public. These are all positives signs for a vehicle Volvo sees as its next volume leader.

For February, overall sales in North America (United States and Puerto Rico, Canada, and Mexico) were up 15.6 percent, with a total of 11,071 units sold.

In Canada, sales increased 0.5 percent. Sales were up 26.3 percent in Mexico for the month.

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 2004 Volvo automobile line now includes the all-new Volvo S40, XC90, the sporty S60 sedan -- including the award-winning performance sedan -- S60 R and its performance wagon counterpart -- V70 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
                                February  *             Year-to-Date  *
                     2004       2003     %      2004      2003     %
  Volvo Model
   S40               1,606     1,382   16.2%    2,731     2,454   11.3%
   V40                 156       260  -40.0%      287       512  -43.9%
   S60               2,594     2,889  -10.2%    5,619     5,671   -0.9%
   V70                 800       822   -2.7%    2,000     1,587   26.0%
   XC70              1,013     1,069   -5.2%    2,072     2,452  -15.5%
   C70                 322       261   23.4%      543       518    4.8%
   S80                 865     1,013  -14.6%    1,807     2,088  -13.5%
   XC90              2,627     1,058  148.3%    5,250     2,727   92.5%
   All-new S40         219         0     N/A      219         0     N/A
    USA TOTAL       10,202     8,754   16.5%   20,528    18,009   14.0%

                                  CANADA
                                February                Year-to-Date
                       2004      2003     %      2004     2003     %
  Volvo Model
   S40                  74        70     5.7%    135     184   -26.6%
   V40                  34        44   -22.7%     78     103   -24.3%
   S60                 164       165    -0.6%    283     348   -18.7%
   V70                  90        75    20.0%    159     117    35.9%
   XC70                131       181   -27.6%    224     283   -20.8%
   C70                   0         0     0.0%      2       3   -33.3%
   S80                  41        34    20.6%     80      62    29.0%
   XC90                133        95    40.0%    279     120   132.5%
    CANADA TOTAL       667       664     0.5%  1,240   1,220     1.6%

                                  MEXICO

                                 February               Year-to-Date
                       2004       2003     %      2004     2003     %
  Volvo Model
   S40                  60        94    -36.2%    111     178   -37.6%
   V40                   0         1   -100.0%      0       3  -100.0%
   S60                  49        43     14.0%    115     106     8.5%
   V70                   0         3   -100.0%      0       4  -100.0%
   XC70                  0         2   -100.0%      4       6   -33.3%
   C70                   2         0    100.0%      3       0   100.0%
   S80                  10        14    -28.6%     23      28   -17.9%
   XC90                 81         3   2600.0%    161      15   973.3%
    MEXICO TOTAL       202       160     26.3%    417     340    22.6%

    NAFTA TOTAL     11,071     9,578     15.6% 22,185  19,569    13.4%

     *  U.S. totals include Puerto Rico