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Volvo Moves Headquarters to West Coast

25 February 2000

Volvo Moves Headquarters to West Coast

    ROCKLEIGH, N.J., Feb. 24 -- Volvo Cars of North America is
announcing the relocation of its headquarters to California as part of a wider
move by the Premier Automotive Group.  The new headquarters, housed in a
custom built facility located in Irvine, Calif., will also serve as
headquarters for Aston Martin, Jaguar and Lincoln.
    Volvo functions being moved to California include the Executive
Management, sales, marketing, communications and corporate service functions.
Approximately 150 jobs will be relocated.
    Volvo's current headquarters in Rockleigh, N.J. will be used for
establishing a new technical and processing center, retaining about 140 jobs.
    According to Hans-Olov Olsson, President and CEO Volvo Cars of North
America:

    "Advances in technology have made it possible for business to be more
flexible in the way people work and in their ability to be closer to
customers.  The opportunity to establish a strong presence in California while
retaining our traditional presence on the East Coast will help us reach our
200,000 volume objective.  In addition -- the move will bring us closer to our
Concept and Design Center."

    Construction of the new Irvine facility will commence in the second
quarter of 2000 with completion by third quarter 2001.  The facility can
provide accommodation for up to 800 employees of Volvo, Jaguar, Lincoln and
Aston Martin.