One problem related to engine belts and pulleys has been reported for the 2001 Volvo V70. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2001 Volvo V70 based on all problems reported for the 2001 V70.
(1) my wife was driving about 25 mph on a sunny and mild day. (2) the vehicle, suddenly and without warning, lost its power steering. The message center read "electrical failure, service required. " consequently, my wife could hardly steer the vehicle. Due to the low speed and straight road, my wife was able to stop the vehicle without incident. (3) the vehicle was towed to a dealership where a diagnosis is pending. The tow operator opened the hood to find the fead belt lying in the engine compartment. It was not broken, but had managed to slip off a pulley.