Volvo Sales For June and Q2 Set An All-Time Record

    ROCKLEIGH, N.J., July 2 Continued strong sales for the S60
and Cross Country propelled Volvo Cars of North America, Inc. to its best
month ever with record sales of 16,130 units during June.  This is an 14.6 %
increase when compared to June 2000 and caps 3 consecutive months of
year-to-year sales increases, resulting in Volvo's strongest quarter ever.
    Vic Doolan, President and CEO observes: "June was a huge month for Volvo
as we continue to exceed expectations with the S60 and Cross Country in a
challenging environment.  This great finish to the second quarter gives us
great momentum and optimism as we move into the second half of the year.  We
are on track to meet our year end sales objectives."
    The company noted that Volvo sales in Canada continue to impress as well,
with June sales up 18.8 % over June 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, new S60 sedan and compact S40 and V40
models.

    Note: Sales figures are for US and Canada only

                           MONTH-TO-DATE               YEAR-TO-DATE
                        2001       2000       %     2001      2000        %

    UNITED STATES
    S40                2,579      3,202  -19.5%   12,605    15,411   -18.2%
    V40                  418        676  -38.2%    1,848     3,171   -41.7%
    S60                4,025        n/a     n/a   18,045       n/a      n/a
    S70                    7      2,457  -99.7%      208    13,968   -98.5%
    V70 (INC MY '00 XC)                        2,102      3,080  -31.8%    8,261
15,174   -45.6%
    V70 XC * (MY '01)  2,979        n/a     n/a   10,878       n/a      n/a
    C70                  449        577  -22.2%    2,687     3,054   -12.0%
    S80                2,545      3,214  -20.8%   11,264    16,402   -31.3%
    Other                n/a          3     n/a      n/a         4      n/a
      TOTAL           15,104     13,209   14.3%   65,796    67,184    -2.1%

    CANADA
    S40                  195        n/a     n/a      958       n/a      n/a
    V40                  108        n/a     n/a      593       n/a      n/a
    S60                  269        n/a     n/a    1,278       n/a      n/a
    S70                    1        483  -99.8%        8     1,709   -99.5%
    V70                  142        199  -28.6%      587     1,209   -51.4%
    V70 XC * (MY '01)    175        n/a     n/a      726       n/a      n/a
    C70                   26         40  -35.0%       88       141   -37.6%
    S80                  110        142  -22.5%      390     1,065   -63.4%
      TOTAL            1,026        864   18.8%    4,628     4,124    12.2%

    NORTH AMERICA
        GRAND TOTAL   16,130     14,073   14.6%   70,424    71,308    -1.2%

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

    US Port Inventory:   5,917      US Retailer Inventory:   18,646