Volvo, Mitsubishi Form Alliance

GREENSBORO, N.C., (April 5, 2000) – Volvo Trucks North America and
Mitsubishi Fuso Truck of America (MFTA) announced today a strategic alliance to sell and service Class 3-7 trucks in Canada.

The sales and service franchise for Mitsubishi Fuso trucks will be offered immediately to Volvo’s current dealers in Canada. Acceptance of the franchise agreement would enable Volvo dealers to sell Mitsubishi Fuso’s light- and medium-duty trucks. In the United States, the companies have begun a study of distribution and manufacturing strategies. Specifics of their plans for U.S. customers and dealers will be announced over the next six to 12 months.

“This alliance is a good fit strategically for Volvo Trucks and
Mitsubishi Fuso, ” said Marc F. Gustafson, president and CEO of Volvo Trucks. “We are consolidating the strengths of the two com-panies to provide customers with a broader range of transportation solutions. The products are complementary, which will allow Volvo dealers to offer an expanded range of trucks. Customers will benefit through an extended and strengthened sales and service network.”

“This agreement with Volvo will increase our reach in the Canadian
market,” said Robert E. McDowell, MFTA executive vice president and COO. “We are very pleased to have this strong dealer network
representing us.”

Volvo Trucks currently sells a complete range of Class 8 models, rated 33,001 lbs GVW and higher in the United States, Canada and Mexico. Its North American dealer network includes approximately 200 locations. MFTA offers ten models, rated from 12,000 lbs to 32,900 lbs GVW. MFTA’s dealer network includes 170 locations in the United States.


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