Norev was discussed in this topic too. Your Volvo is of the "old" Minijet series. They lasted from the middle seventies to the early eighties, possibly being sold and made up to the nineties, but becoming less and less detailed and more and more generic.
I believe they started using Schuco casts.
Ex-Schuco BMW 2002 that states Norev on the chassis.
Later they started making their own casts.
Here is example of an older Minijet made by Norev.
Later they sold Faie casts using the Minijet name. I don't have an example at hand, but this is probably the Ferrari dinkyjay mentioned.