Volvo Receives Payment for Mitsubishi

    STOCKHOLM, Sweden--June 29, 2001--Volvo has today received USD 297 M (SEK 3,200 M) as payment for the sale of its 3.3-percent holding in, and all rights and obligations relating to, the Mitsubishi Motor Company (MMC).
    This was enabled by the fact that all the prerequisites and approvals for the sale of the shareholding to DaimlerChrysler have been attained.
    Volvo intends to use the payment now acquired to finance the development of a future medium-heavy trucks program.