Volvo Cars of North America Sets May Sales Record

    ROCKLEIGH, N.J., June 1 Following a strong April, Volvo
Cars of North America, Inc. posts another strong sales month with May figures
increasing 3.5 % over last year.
    "May was a record month reflected by total sales of 13,098, our best month
since June 2000. Individually, the new S60 and Cross Country models achieved
record sales and we continue to see strong demand across our entire car line.
Thanks to the Revolvolution, more shoppers than ever are visiting our
retailers, buyers who have never placed Volvo on their shopping list-until
now", comments Vic Doolan, acting President and CEO of Volvo Cars of North
America, Inc.
    The company noted that Volvo sales in Canada continues to impress, with a
May record for total sales, up 15.1% over last year, and the best month ever
for S60 sales.

    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, new S60 sedan and compact S40 and V40
models.

Note:  Sales figures are for US and Canada only.

                   VCNA RETAIL SALES BY CAR LINE - May '01
                                    MONTH-TO-DATE          YEAR-TO-DATE
                                2001    2000     %      2001    2000     %
         UNITED STATES
         S40                    2,719   2,666    2.0%  10,026  12,209  -17.9%
         V40                      386     721  -46.5%   1,430   2,495  -42.7%
         S60                    3,361     n/a    n/a   14,020     n/a    n/a
         S70                       24   2,647  -99.1%     201  11,511  -98.3%
         V70                    1,314   2,807  -53.2%   6,159  12,094  -49.1%
         V70 XC * (MY '01)      1,934     n/a    n/a    7,899     n/a    n/a
         C70                      520     546   -4.8%   2,238   2,477   -9.6%
         S80                    1,833   2,392  -23.4%   8,719  13,189  -33.9%
                        TOTAL  12,091  11,779    2.6%  50,692  53,975   -6.1%
         CANADA
         S40                      199     n/a    n/a      763     n/a    n/a
         V40                      113     n/a    n/a      485     n/a    n/a
         S60                      320     n/a    n/a    1,009     n/a    n/a
         S70                        1     359  -99.7%       7   1,226  -99.4%
         V70                      148     334  -55.7%     445   1,010  -55.9%
         V70 XC * (MY '01)        119     n/a    n/a      551     n/a    n/a
         C70                       14      38  -63.2%      62     101  -38.6%
         S80                       93     144  -35.4%     280     923  -69.7%
                        TOTAL   1,007     875   15.1%   3,602   3,260   10.5%
             NORTH AMERICA
                  GRAND TOTAL  13,098  12,654    3.5%  54,294  57,235   -5.1%

         * V70 XC, 2001 model year is EPA classified as a Light Duty Truck 2

           US Port Inventory :   11,957
           US  Retailer Inventory :  17,471