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Posting as a PSA - may help someone in similar situation?
The low beams on my 2001 V70 XC suddenly stopped working last week. The high beams and all other bulbs were working fine and I recently replaced both bulbs so did not know what to think. Swapped H7 bulbs and problem persisted, and also checked fuses for low beams in passenger compartment on divers side dashboard side panel. I recently had an on road failure of my alternator/voltage regulator where I got the 'high voltage, pull over safely' on the left side dash message center. This turned into a 'low voltage' error and the car went into limp mode and I had to pull over. I could start car with a portable battery but it would die a mile down the road so knew the alt/VR was dead. So, got it towed home and replaced the voltage regulator and the car was back on the road, running great...and a week later (approx) the low beam issue happened. I am wondering if the voltage spike compromised the relay and shunt on the CEM as that seemed to be the only thing left. On this car the relay is Volvo part 9441161 (5 pin) and the Shunt is Volvo part 9442190. The CEM is under the dash on the driver side and you need to remove the plastic access panels to expose the CEM. There is then a latch on the left side that you need to pull away (to the left) and then rock the CEM forward and pull down to access the components on it. The existing relay and shunt looked fine, no burning or bulging but replaced anyway. They are at locations CM17 and CSH4 respectively on this diagram
2001 V70 CEM component numbering
On my actual CEM they are the red arrow parts below
I swapped out these 2 parts and the low beams are back! I was fearing that the CEM might have been impacted by the voltage issue but the fact that the low beams are back after the swap out of the 2 parts gives me hope. Hope this helps somebody out!