There have been many reports of ABS Control Module failure. When they fail the ABS and Check Engine warning lights will come on. The speedometer may stop operating as well. To address this issue, there are companies that can repair these units, or it will need to be replaced.Google+
Car Problem Reports
Volvo V70 XC ABS Light On, No Speedometer, Check Engine Light On
Volvo V70 XC Problem
Average Mileage: 146,745 mi (47,000 mi - 280,000 mi)
Visitor, 1998 Volvo V70 XC, 68,000 mi
ABS module failed twice under warranty. When it failed again I could not afford to have it replaced by the dealer. I was about to take out the module and send it out to be repaired (bad connections are soldered)to a guy in Michigan when I found a quick fix on the net. You put a wedge (I used half of a wooden clothes pin) between the ABS wiring connector box and the pump housing. The ABS light and the TRACS light go out after you drive a bit. Best of all, the ABS brake system works again ! Look it up on the web
Easy to replace the module... send it in to a rebuilder for less than $150.00 do it yourself. I did it at 234,000 miles, and now have 280,000 miles on it. Everything has been perfect since the repair.
If you have a later model, or if the module didn't fix the problem, check the front CV Joints. When they go bad, the axle sensors don't read properly. Changing the front axles fixed my 2002 XC70!
Visitor, 2000 Volvo V70 XC, 172,000 mi
Still working on it. ABS light come on, the speedometer drops to '0', and I have to shift manually if I have to go from a stopped position. Then, it will eventually correct itself for a day, then happen again. Need to take it in to get it fixed but I'm afraid of the cost...also having issues with ATM.
Visitor, 2000 Volvo V70 XC, 163,000 mi
ABS Light and Brake Light came on, on the dash. Speedometer stopped working when they were on. Would only happen intermittently, when they were not on, the "wet weather" light would flash, and put the car in a low gear occasionally. Used the Half a Clothespin trick mentioned in this forum and it worked PERFECTLY!!
Visitor, 1999 Volvo V70 XC, 120,000 mi
hi my volvo s 70 the problems start by the check engine light on iven reset by dealer,then the ABS light ,and one day in few weeks ago,the speedometer stop working and the orange light arrow start on,and blanking ,it was scary .i just drive my car with not taking attention to all this light on sometime all light off NICE!!!!! but i just wondering when thise lights turn crazy again.
ABS,TRAX AND CHECK ENGINE LIGHTS APPEAR. TRANSMISSION SLIPPING. I WAS TOLD BY MANY INDEPENDENT AGENTS AND MACHANICS THAT TRANee NEED TO BE REPLACE. (I have driven the car for about 25,000 to 30,000 miles with the problem). finally I must replace the tranee.
Visitor, 1999 Volvo V70 XC, 128,000 mi
Going 60 MPH the speedometer plummeted, brake lights and check engine lights came on.
ABS light on. Brake light popped on, mileage & speedometer quit. then Check engine light turned on.
When the temp drops lower than 32 the abs light comes on and goes off when it warms up. Trying to keep it another year to break even with repair cost. Won't buy another Volvo because of Volvo dealership repair theft. Great car!!!!! Would keep it forever if I wasn't afraid of repair cost.
Visitor, 1998 Volvo V70 XC, 160,000 mi
ABS and traction control issue