WARNING: This page is about a different car, the 2004 Volvo S40, 2003 Volvo S40, 2002 Volvo S40, 2001 Volvo S40, and 2000 Volvo S40. However, it is still accessible from the selected car via links, so may be relevant.
Fig 1: Removing Plastic Fender Liner
Courtesy of VOLVO CARS OF NORTH AMERICA.
Remove:
the mudflap
the four screws
the nut.
Fig 2: Pressing Fender Liner Inwards To Detach Hooks
Courtesy of VOLVO CARS OF NORTH AMERICA.
Press the fender liner inwards to detach the hooks (2).