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The largest company in Sweden in revenue terms and the biggest employer in that nation's private sector, AB Volvo is one of the world's largest manufacturers of heavy-duty trucks and buses. The firm's truck operations, which include Volvo Trucks, Renault Trucks, and Mack Trucks, produced nearly 156,000 trucks during 2003. In buses, where Volvo holds the number two position worldwide, production topped 7,800. In addition, Volvo is the world's largest manufacturer of heavy diesel engines and the fourth largest producer of construction equipment, produces engines for leisure boats and power generating equipment, and makes components for aircraft and rocket engines. The company sold its Volvo automaking business to Ford Motor Company in March 1999 in order to focus on commercial vehicles.
