One problem related to steering rack and pinion 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.
While driving to work I lost control of the vehicle while attempting a slight right turn while traveling approx 15/20 mph and hit a guard rail then a snow bank. Upon investigation I noticed that both front wheels were pointing inward. Original suspect was the tie rods. Repair facility found the rack/pinion had severed.