One problem related to automatic transmission control module has been reported for the 2001 Volvo XC70. The most recently reported issues are listed below.
The transmission assembly and final drive assembly on my 2001 Volvo Xc70 degraded prematurely due to a defective design and now required replacement @ 70k mi. $7,500 is the estimate to make the car drivable. Volvo na will only offer a 10% discount on repairs.