Volvo Cars of North America Sales Report for October

IRVINE, Calif., Nov. 1, 2002; Volvo Cars of North America, LLC reports 9,176 unit sales for the United States and Canada during October. Compared to the same period last year, sales were down 17.5 percent due in part to reduced supply in XC70 Cross Country inventory.

The U.S. accounted for 8,470 unit sales, representing a decrease of 19.7 percent. In Canada, the sale of 778 units is an increase of 15.4 percent over October 2001.

A strong close to the end of the year is expected for Volvo, as pre-orders for the 2003 XC90 -- the company's first SUV -- have exceeded 7,500. Last month, the Volvo XC90 was named Motor Trend SUV of the Year.

Rounding out North America, Mexico and Puerto Rico reported 238 and 74 unit sales for October, respectively. Year-to-date Mexico sales are 2,339, while 543 units have been sold in Puerto Rico. Mexico and Puerto are not currently included in the overall VCNA report.

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 United States, Canada, Mexico and Puerto Rico.

The 2003 Volvo automobile line includes the XC90 -- "the SUV with a conscience," the sporty S60 sedan, the flagship S80 luxury sedan, versatile V70 wagon and rugged Cross Country, the C70 convertible, and the compact S40 and V40 models.

                                                             November 1, 2002

         VCNA RETAIL SALES BY CAR LINE - October '02  -  October  2002
                                  MONTH-TO-DATE              YEAR-TO-DATE
                              2002    2001      %      2002    2001       %
         UNITED STATES
         S40                 1,183   1,782   -33.6%  13,273   20,182   -34.2%
         V40                   207     207     0.0%   2,330    2,885   -19.2%
         S60                 2,566    2933   -12.5%  33,185   29,850    11.2%
         S70                     1       0     100%       1      226   -99.6%
         V70                 1,218     946    28.8%   9,110   12,751   -28.6%
         V70 XC              1,324   2,834   -53.3%  17,008   20,210   -15.8%
         C70                   234     189    23.8%   3,221    3,846   -16.3%
         S80                 1,375   1,564   -12.1%  13,028   17,374   -25.0%
         XC90                  290       0   100.0%     290        0   100.0%
                      TOTAL  8,398  10,455   -19.7%  91,446  107,324   -14.8%
         CANADA
         S40                   121      65    86.2%   1,216    1,582   -23.1%
         V40                    62      33    87.9%     707      995   -28.9%
         S60                   250     314   -20.4%   2,824    2,347    20.3%
         S70                     0       1  -100.0%       0       10  -100.0%
         V70                   125      43   190.7%   1,088      999     8.9%
         V70 XC                184     155    18.7%   1,685    1,290    30.6%
         C70                     3      11   -72.7%      93      117   -20.5%
         S80                    33      52   -36.5%     533      615   -13.3%
                      TOTAL    778     674    15.4%   8,146    7,955     2.4%
              NORTH AMERICA
                GRAND TOTAL  9,176  11,129   -17.5%  99,592  115,279   -13.6%

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