Volvo Cars Reports an Increase in September Sales for North America</span>

IRVINE, Calif., Oct. 1 -- Volvo Cars of North America, LLC reports a sales increase for the month of 8.6 percent over September of 2001. The United States accounted for 8,332 units sold -- up 8 percent, which Canada reported 817, for a 14.6 percent rise.

The Volvo S60 continues to post strong results and remains the Volvo sales leader. The next iteration of the S60, the technologically advanced high performance S60 R, was unveiled this week at the Paris Motor Show along with its wagon counterpart -- the V70 R. The R Cars will appear in showrooms Spring 2003.

The Volvo V70 also made a strong showing -- up 36.4 percent during the month, helping to reinforce Volvo's leadership position in the wagon segment.

Looking ahead, Volvo's first SUV - the Volvo XC90, continues to attract attention from both the media and consumers. Although not at Retailers until November, the XC90 has garnered as many as 6,000 orders -- an unprecedented pre-sales success for Volvo.

Volvo Cars of North America, LLC 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 2002 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.

    NOTE:   Sales figures are for US and Canada only.

                                                             October 1, 2002

         VCNA RETAIL SALES BY CAR LINE -- September 2002
                                  MONTH-TO-DATE              YEAR-TO-DATE
                              2002   2001      %      2002    2001       %
         UNITED STATES
         S40                  1,201  1,012    18.7%  12,090   18,400   -34.3%
         V40                    262    117   123.9%   2,123    2,678   -20.7%
         S60                  2,798  2,091    33.8%  30,619   26,917    13.8%
         S70                      0      6  -100.0%       0      226  -100.0%
         V70                  1,060    777    36.4%   7,893   11,841   -33.3%
         V70 XC               1,613  2,184   -26.1%  15,683   17,340    -9.6%
         C70                    327    176    85.8%   2,987    3,657   -18.3%
         S80                  1,071  1,351   -20.7%  11,653   15,810   -26.3%
                     TOTAL    8,332  7,714     8.0%  83,048   96,869   -14.3%
         CANADA
         S40                    157     61   157.4%   1,095    1,517   -27.8%
         V40                     60    113   -46.9%     645      962   -33.0%
         S60                    275    247    11.3%   2,574    2,033    26.6%
         S70                      0      0     N/A        0        9  -100.0%
         V70                     94     77    22.1%     963      956     0.7%
         V70 XC                 175    169     3.6%   1,501    1,135    32.2%
         C70                      6      5    20.0%      90      106   -15.1%
         S80                     50     41    22.0%     500      563   -11.2%
                     TOTAL      817    713    14.6%   7,368    7,281     1.2%
            NORTH AMERICA
               GRAND TOTAL    9,149  8,427     8.6%  90,416  104,150   -13.2%