Truck deliveries in November 2014

Deliveries from the Volvo Group’s truck operations in November 2014 amounted to
18,224 vehicles. This was a decrease of 10% compared with the year-earlier
month.
Volvo Group

Deliveries from the Volvo Group’s truck operations in November 2014 amounted to
18,224 vehicles. This was a decrease of 10% compared with the year-earlier
month. On a regional basis November deliveries declined by 16% in South America,
primarily due to lower deliveries in Brazil. Deliveries in Europe declined by
31%, mainly as a result of high deliveries in 2013 during the pre-buy ahead of
the EU6 emission legislation. Deliveries in North America increased by 21% in
November thanks to a continuously high demand due to fleet renewal and a good
economic development in general. In Asia truck deliveries increased by 10%.

Total deliveries by market for all brands (Volvo, Mack, Renault Trucks, UD
Trucks and Eicher):

+---------------------------+------+------+------+-------+-------+------+
|Delivered Units            |November     |Change|Year-to date   |Change|
+---------------------------+------+------+------+-------+-------+------+
|Volvo Group                |2014  |2013  |      |2014   |2013   |      |
+---------------------------+------+------+------+-------+-------+------+
|Europe                     |6,291 |9,064 |-31%  |65,480 |71,885 |-9%   |
+---------------------------+------+------+------+-------+-------+------+
|   Western Europe          |5,154 |7,065 |-27%  |51,445 |56,101 |-8%   |
+---------------------------+------+------+------+-------+-------+------+
|   Eastern Europe          |1,137 |1,999 |-43%  |14,035 |15,784 |-11%  |
+---------------------------+------+------+------+-------+-------+------+
|North America              |5,046 |4,182 |21%   |52,893 |41,021 |29%   |
+---------------------------+------+------+------+-------+-------+------+
|South America              |2,440 |2,898 |-16%  |21,872 |26,712 |-18%  |
+---------------------------+------+------+------+-------+-------+------+
|Asia                       |3,010 |2,768 |9%    |29,378 |25,822 |14%   |
+---------------------------+------+------+------+-------+-------+------+
|Other markets              |1,437 |1,444 |0%    |15,355 |14,474 |6%    |
+---------------------------+------+------+------+-------+-------+------+
|Total Volvo Group          |18,224|20,356|-10%  |184,978|179,914|3%    |
+---------------------------+------+------+------+-------+-------+------+
|                           |      |      |      |       |       |      |
+---------------------------+------+------+------+-------+-------+------+
|Light duty (< 7t)          |1,169 |1,366 |-14%  |13,138 |12,083 |9%    |
+---------------------------+------+------+------+-------+-------+------+
|Medium duty (7-16t)        |1,325 |1,667 |-21%  |13,663 |15,164 |-10%  |
+---------------------------+------+------+------+-------+-------+------+
|Heavy duty (>16t)          |15,730|17,323|-9%   |158,177|152,667|4%    |
+---------------------------+------+------+------+-------+-------+------+
|Total Volvo Group          |18,224|20,356|-10%  |184,978|179,914|3%    |
+---------------------------+------+------+------+-------+-------+------+
|                           |      |      |      |       |       |      |
+---------------------------+------+------+------+-------+-------+------+
|Non-consolidated operations|      |      |      |       |       |      |
+---------------------------+------+------+------+-------+-------+------+
|Eicher (100%)              |2,258 |1,864 |21%   |27,515 |29,114 |-5%   |
+---------------------------+------+------+------+-------+-------+------+
|DVT (100%)                 |23    |14    |64%   |88     |199    |-56%  |
+---------------------------+------+------+------+-------+-------+------+
|Total Volumes              |20,505|22,234|-8%   |212,581|209,227|2%    |
+---------------------------+------+------+------+-------+-------+------+

Volvo

In November 10,693 Volvo trucks were delivered, a decrease of 13% compared with
the same month last year.

In Europe 3,701 vehicles were delivered during November, down by 30% compared
with November 2013. The decline was mainly a result of high deliveries in 2013
during the pre-buy ahead of the EU6 emission legislation.

Demand in North America continued to be good and deliveries increased by 9% to
2,855 vehicles in comparison with the same period last year.

Deliveries in South America decreased to 2,176 trucks in November, a decrease of
19% compared with November 2013. Demand for new trucks is currently low due to
uncertainty regarding what the interest rates for truck financing in the
governmental Finame-program will be in 2015.

Deliveries by market area:

+-------------------+------+------+------+-------+-------+------+
|Delivered Units    |November     |Change|Year-to-date   |Change|
+-------------------+------+------+------+-------+-------+------+
|Volvo              |2014  |2013  |      |2014   |2013   |      |
+-------------------+------+------+------+-------+-------+------+
|Europe             |3,701 |5,323 |-30%  |38,333 |40,504 |-5%   |
+-------------------+------+------+------+-------+-------+------+
|   Western Europe  |2,778 |3,673 |-24%  |27,083 |27,390 |-1%   |
+-------------------+------+------+------+-------+-------+------+
|   Eastern Europe  |923   |1,650 |-44%  |11,250 |13,114 |-14%  |
+-------------------+------+------+------+-------+-------+------+
|North America      |2,855 |2,630 |9%    |31,057 |23,596 |32%   |
+-------------------+------+------+------+-------+-------+------+
|South America      |2,176 |2,689 |-19%  |20,180 |23,966 |-16%  |
+-------------------+------+------+------+-------+-------+------+
|Asia               |1,363 |1,126 |21%   |11,728 |10,918 |7%    |
+-------------------+------+------+------+-------+-------+------+
|Other markets      |598   |564   |6%    |5,482  |5,038  |9%    |
+-------------------+------+------+------+-------+-------+------+
|Total Volvo        |10,693|12,332|-13%  |106,780|104,022|3%    |
+-------------------+------+------+------+-------+-------+------+
|                   |      |      |      |       |       |      |
+-------------------+------+------+------+-------+-------+------+
|Medium duty (7-16t)|119   |237   |-50%  |1,756  |1,622  |8%    |
+-------------------+------+------+------+-------+-------+------+
|Heavy duty (>16t)  |10,574|12,095|-13%  |105,024|102,400|3%    |
+-------------------+------+------+------+-------+-------+------+
|Total Volvo        |10,693|12,332|-13%  |106,780|104,022|3%    |
+-------------------+------+------+------+-------+-------+------+

 Mack

Deliveries for Mack in November totaled 2,451 vehicles, a 43% increase compared
with November 2013.

Deliveries by market area:

+-----------------+-----+-----+------+------+------+------+
|Delivered Units  |November   |Change|Year-to-date |Change|
+-----------------+-----+-----+------+------+------+------+
|Mack             |2014 |2013 |      |2014  |2013  |      |
+-----------------+-----+-----+------+------+------+------+
|Europe           |     |     |      |      |1     |-100% |
+-----------------+-----+-----+------+------+------+------+
|   Western Europe|     |     |      |      |1     |-100% |
+-----------------+-----+-----+------+------+------+------+
|   Eastern Europe|     |     |      |      |      |      |
+-----------------+-----+-----+------+------+------+------+
|North America    |2,156|1,527|41%   |21,582|17,006|27%   |
+-----------------+-----+-----+------+------+------+------+
|South America    |209  |110  |90%   |801   |1,796 |-55%  |
+-----------------+-----+-----+------+------+------+------+
|Asia             |8    |     |      |17    |14    |21%   |
+-----------------+-----+-----+------+------+------+------+
|Other markets    |78   |81   |-4%   |949   |874   |9%    |
+-----------------+-----+-----+------+------+------+------+
|Total Mack       |2,451|1,718|43%   |23,349|19,691|19%   |
+-----------------+-----+-----+------+------+------+------+
|                 |     |     |      |      |      |      |
+-----------------+-----+-----+------+------+------+------+
|Heavy duty (>16t)|2,451|1,718|43%   |23,349|19,691|19%   |
+-----------------+-----+-----+------+------+------+------+
|Total Mack       |2,451|1,718|43%   |23,349|19,691|19%   |
+-----------------+-----+-----+------+------+------+------+

 Renault Trucks

In November 3,155 trucks were delivered by Renault Trucks. The deliveries of
heavy duty trucks declined by 39% to 1,569 trucks in November compared with the
year-earlier month. The decline was mainly a result of high deliveries in 2013
during the pre-buy ahead of the EU6 emission legislation.

Deliveries by market area:

+--------------------+-----+-----+------+------+------+------+
|Delivered Units     |November   |Change|Year-to-date |Change|
+--------------------+-----+-----+------+------+------+------+
|Renault Trucks      |2014 |2013 |      |2014  |2013  |      |
+--------------------+-----+-----+------+------+------+------+
|Europe              |2,590|3,741|-31%  |27,147|31,380|-13%  |
+--------------------+-----+-----+------+------+------+------+
|   Western Europe   |2,376|3,392|-30%  |24,362|28,710|-15%  |
+--------------------+-----+-----+------+------+------+------+
|   Eastern Europe   |214  |349  |-39%  |2,785 |2,670 |4%    |
+--------------------+-----+-----+------+------+------+------+
|North America       |20   |24   |-17%  |154   |182   |-15%  |
+--------------------+-----+-----+------+------+------+------+
|South America       |41   |70   |-41%  |595   |783   |-24%  |
+--------------------+-----+-----+------+------+------+------+
|Asia                |125  |297  |-58%  |2,771 |2,002 |38%   |
+--------------------+-----+-----+------+------+------+------+
|Other markets       |379  |437  |-13%  |4,360 |4,458 |-2%   |
+--------------------+-----+-----+------+------+------+------+
|Total Renault Trucks|3,155|4,569|-31%  |35,027|38,805|-10%  |
+--------------------+-----+-----+------+------+------+------+
|                    |     |     |      |      |      |      |
+--------------------+-----+-----+------+------+------+------+
|Light duty (< 7t)   |1,100|1,186|-7%   |11,765|10,683|10%   |
+--------------------+-----+-----+------+------+------+------+
|Medium duty (7-16t) |486  |793  |-39%  |3,954 |6,255 |-37%  |
+--------------------+-----+-----+------+------+------+------+
|Heavy duty (>16t)   |1,569|2,590|-39%  |19,308|21,867|-12%  |
+--------------------+-----+-----+------+------+------+------+
|Total Renault Trucks|3,155|4,569|-31%  |35,027|38,805|-10%  |
+--------------------+-----+-----+------+------+------+------+

 UD Trucks

In November 2014, UD Trucks delivered 1,925 trucks, which was an increase by 11%
compared to November last year.

Deliveries by market area:

+-------------------+-----+-----+------+------+------+------+
|Delivered Units    |November   |Change|Year-to-date |Change|
+-------------------+-----+-----+------+------+------+------+
|UD Trucks          |2014 |2013 |      |2014  |2013  |      |
+-------------------+-----+-----+------+------+------+------+
|North America      |15   |1    |1400% |100   |237   |-58%  |
+-------------------+-----+-----+------+------+------+------+
|South America      |14   |29   |-52%  |296   |167   |77%   |
+-------------------+-----+-----+------+------+------+------+
|Asia               |1,514|1,345|13%   |14,862|12,888|15%   |
+-------------------+-----+-----+------+------+------+------+
|Other markets      |382  |362  |6%    |4,564 |4,104 |11%   |
+-------------------+-----+-----+------+------+------+------+
|Total UD Trucks    |1,925|1,737|11%   |19,822|17,396|14%   |
+-------------------+-----+-----+------+------+------+------+
|                   |     |     |      |      |      |      |
+-------------------+-----+-----+------+------+------+------+
|Light duty (< 7t)  |69   |180  |-62%  |1,373 |1,400 |-2%   |
+-------------------+-----+-----+------+------+------+------+
|Medium duty (7-16t)|720  |637  |13%   |7,953 |7,287 |9%    |
+-------------------+-----+-----+------+------+------+------+
|Heavy duty (>16t)  |1,136|920  |23%   |10,496|8,709 |21%   |
+-------------------+-----+-----+------+------+------+------+
|Total UD           |1,925|1,737|11%   |19,822|17,396|14%   |
+-------------------+-----+-----+------+------+------+------+
|                                      |      |      |      |
+-------------------+-----+-----+------+------+------+------+
|Non-consolidated operations           |      |      |      |
+-------------------+-----+-----+------+------+------+------+
|DVT (100%)         |23   |14   |64%   |88    |199   |-56%  |
+-------------------+-----+-----+------+------+------+------+
|Total volumes      |1,948|1,751|11%   |19,910|17,595|13%   |
+-------------------+-----+-----+------+------+------+------+

 Eicher*

Eicher delivered 2,258 trucks in November which is an increase by 21% compared
to the amount of trucks delivered in November 2013.

Deliveries by market area:

+-------------------+-----+-----+------+------+------+------+
|Delivered Units    |November   |Change|Year-to-date |Change|
+-------------------+-----+-----+------+------+------+------+
|Eicher (100%)      |2014 |2013 |      |2014  |2013  |      |
+-------------------+-----+-----+------+------+------+------+
|Asia               |2,258|1,864|21%   |27,515|29,114|-5%   |
+-------------------+-----+-----+------+------+------+------+
|Total Eicher       |2,258|1,864|21%   |27,515|29,114|-5%   |
+-------------------+-----+-----+------+------+------+------+
|                   |     |     |      |      |      |      |
+-------------------+-----+-----+------+------+------+------+
|Light duty (< 7t)  |285  |310  |-8%   |4,331 |4,108 |5%    |
+-------------------+-----+-----+------+------+------+------+
|Medium duty (7-16t)|1,374|1,218|13%   |16,265|18,669|-13%  |
+-------------------+-----+-----+------+------+------+------+
|Heavy duty (>16t)  |599  |336  |78%   |6,919 |6,337 |9%    |
+-------------------+-----+-----+------+------+------+------+
|Total Eicher       |2,258|1,864|21%   |27,515|29,114|-5%   |
+-------------------+-----+-----+------+------+------+------+

*As of 2013 Eicher is reported under the equity method and consequently sales
and deliveries are not consolidated in to the Volvo Group.

December 18, 2014

Reporters, who would like more information, please contact:

Volvo Group Media Relations:
Karin Wik, +46 765 531 020

Truck brands:
Renault Trucks, Fabrice Piombo, +33 472961220
Mack, Kim Pupillo, +1 336 393 2640
Volvo, Anders Vilhelmsson, +46 31 322 38 79
UD Trucks, Mansoor Ahmed, +86 10 65829122

Investor Relations:
Christer Johansson, AB Volvo +46 31 661334
Patrik Stenberg, AB Volvo +46 31 661336
Anders Christensson, AB Volvo +46 31 661191
John Hartwell, AB Volvo +1 201 252 8844

For more stories from the Volvo Group, please visit
http://www.volvogroup.com/globalnews

The Volvo Group is one of the world’s leading manufacturers of trucks, buses,
construction equipment and marine and industrial engines. The Group also
provides complete solutions for financing and service. The Volvo Group, which
employs about 110,000 people, has production facilities in 18 countries and
sells its products in more than 190 markets. In 2013 the Volvo Group’s sales
amounted to about SEK 270 billion. The Volvo Group is a publicly-held company
headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.
For more information, please visit www.volvogroup.com or www.volvogroup.mobi if
you are using your mobile phone.

AB Volvo (publ) may be required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication at 08.30 a.m December 18,
2014.