Slingshot - same engine but its just spat the dummy - has an amber to say charging, and a red to say low oil pressure.
Amber stays on when running (seemed odd at first, but now makes a bit of sense).
Alarm doesn't work of course !
There's another one (green I think) which we reckon is cooling temperature) but no real idea.
Download this from Volvo - It might give you a clue.
http://www.volvo.com/NR/rdonlyres/17295BED-4BE9-4923-901C-EC8C4E03F949/0/MD5B_110S_1980_en.pdfCheers,
Keith in Singapore
Slingshot - starting to look a bit better...from a distance...