as someone who sells volvos, i can attest to how quick some of them are STOCK.
if that volvo was new-ish or new, and had volvo's T6 (turbo inline 6cyl 3.0L) engine, on paper it has 300hp and 325lb/ft of torque, but those are conservative numbers. if it had the polestar tune, it had 325hp and 354lb/ft of torque, also a conservative number. they also have very little turbo lag, even from a dig.
don't underestimate those Swedish engines
i have driven the polestar tuned S60 r-design and i gotta say, it isn't much slower than my 5.0 and it handles better and has better traction. sticker price on one of those is almost $50k new. too bad they are only available with an automatic transmission.
edit: Volvo's turbo engines are built quite stout and with a larger turbo and larger fuel injectors, they can hit 550hp without any other mods being done. with a bigger intercooler, about 600hp.