PTC and Volvo Group Announce Digital Engineering Collaboration

- Building on Years-Long Collaboration with PTC,Volvo Group to Expand Use of PTC Technologies.

- Volvo Group's Use of PTC Technologies to Establish a Digital Thread of Connected Data to Drive Productivity Across All Levels of the Organization.

BOSTON,Sept. 27,2021 --PTC(NASDAQ: PTC) and the Volvo Grouptoday announced plans to further increase collaboration around digital engineering. Volvo Group has decided to unify its CAD platforms,which positions PTC's products to serve as the primary CAD and PLM solutions used in the Volvo Groupfor complete vehicle design.

This world-class solution,which will leverage the full capabilities of PTC's Windchill®product lifecycle management (PLM) software and Creo®computer-aided design (CAD) software,is designed to promote collaboration across Volvo Group's PLM and CAD functions and significantly increase the reuse of digital product data across the Volvo Group.

Volvo Group,which offers trucks,buses,construction equipment,and power solutions for marine and industrial applications,embarked on a strategy to transform its IT architecture by consolidating PLM and CAD platforms to enable better leverage of product data across the value chain.

"Using one PLM and CAD platform will act as a key enabler in our digital engineering transformation," said Lars Stenqvist,CTO at Volvo Group. "Leveraging this foundation,we see great possibilities in connecting PTC's IOT and AR solutions into our digital thread strategy."

In addition to transforming its product innovation process,Volvo Group seeks to shape the transportation industry's future with technology and systems solutions that are safer,cleaner,and more efficient.

"By aligning with PTC around the CAD platform,we will work together to create a world-class capability that we expect will be a competitive advantage for years to come as we pursue the future landscape of sustainable transport and infrastructure at Volvo," said Stenqvist.

"By working together on a common vision,we have driven important improvements to the PTC product suite,and important improvements in enabling Volvo Group to bring great products to market," said Jim Heppelmann,President & CEO,PTC. "We are pleased to be a partner of choice for Volvo Group across its product development teams. The digital engineering approach that we will achieve together will serve as an example to companies around the globe."

About Volvo Group

The Volvo Group drives prosperity through transport and infrastructure solutions,offering trucks,power solutions for marine and industrial applications,financing and services that increase our customers' uptime and productivity. Founded in 1927,the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg,Sweden,employs almost 100.000 people and serves customers in more than 190 markets. In 2020,net sales amounted to about SEK 338 billion (EUR 33.6 billion). Volvo shares are listed on Nasdaq Stockholm.

About PTC (NASDAQ: PTC)

PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation,improve operational efficiency,and increase workforce productivity. In combination with an extensive partner network,PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises,in the cloud,or via its pure SaaS platform. At PTC,we don't just imagine a better world,we enable it.

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Media Contacts

Volvo Group

Åsa Alstroem

Head of Strategic Communications

Volvo Construction Equipment

asa.alstrom@volvo.com

PTC

Corporate Communications

Gabrielle Farrell

gfarrell@ptc.com

PTC,Creo,Windchill,and the PTC logo are registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.