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Mark R. Laneve New President and CEO of Volvo Cars of North America

30 June 2000

Mark R. Laneve New President and CEO of Volvo Cars of North America

    ROCKLEIGH, N.J. - Mark R. LaNeve has been appointed President and CEO of 
Volvo Cars of North America, Inc., effective July 1.  Mr. LaNeve succeeds Hans-
Olov Olsson, who after two years as head of Volvo's North American operations 
returns to Sweden, taking up the position as President and CEO of Volvo Car 
Corporation.

    "I am honored to be given the opportunity to lead this legendary brand in
North America at such an exciting time in our history," comments Mr.
LaNeve.

    As Vice President of Marketing, for the past three years, Mr. LaNeve has
managed the successful launches of Volvo's new generation of vehicles.  Mr.
LaNeve joined VCNA in November 1997 after a distinguished career at General
Motors, which started in 1981.

    "Mark was chosen based on his broad experience in both field and staff
automotive operations, and for his proven marketing creativity in brand
management and organizational leadership," notes Hans-Olov Olsson.  "I am very
confident that he will substantially contribute to VCNA's volume growth,
profitability and Volvo's premium brand development in North America."

    A native of Beaver Falls, Pennsylvania, Mr. LaNeve holds a Bachelor's
degree in Business Communications from the University of Virginia.  He is
heavily involved in groups supporting research to cure and prevent children's
neurological disorders.

    Mr. LaNeve, who is 41 years old, is married to Paula and has twin,
8-year-old sons, Jake and Drew.

    In connection with Mr. LaNeve's appointment VCNA will streamline its
business operations at the headquarters in Rockleigh, NJ, into three main
business areas -- Car Business Unit, headed by Executive Vice
President Peter Butterfield, Marketing, Executive Vice President to be
decided, and Aftermarket Business Unit, headed by Executive Vice
President Paul Welander.  A new function of Corporate Support has been
established, managed by Executive Vice President Necip Soyak.

    "Together with our retailers we will have a strong team focused on growing
the business and providing premium value to our customers," says
Mark LaNeve.