It was built for Volvo's 80th anniversary celebrations.
Here is an article in english:
Motor Authority » Volvo’s Jakob hot rod
There are a lot of nice details:
Hidden rack and pinion steering inside the round tube front axle.
Hidden suspension, front and rear.
Rim mounted disc brakes, like the Buell motorcycles.
The rear end is a Ford 9 inch with a cover.
As a former Volvo employee it is nice to see that the Ford owner ship has brought some Hot Rodding to Volvo.