Volvo Philip was a concept car built by Volvo in 1952. It was designed for the US market so it was fitted with a V8 engine producing 120 hp (89 kW) at 4000 rpm and was fitted with whitewall tires and a hint of tailfins. The design was inspired by US cars and was similar to the Kaiser Dragon. The designer was Jan Wilsgaard who also designed the Volvo Amazon. However it was cancelled by the board and never reached production and only one car was made. That car was used by the board at Bolinder-Munktell in Eskilstuna. However, the V8 engine entered production in 1956 and was used for the Volvo Lv420 "Snabbe" truck as well as for boats. It was known for being strong and reliable, but also for a high fuel consumption. Production of the engine ended in 1973.

source: Wikipedia