Pros
Good work life balance (This is very subjective. Depends on project to project. In my case, I had a very bad experience during the initial time in Volvo) If you get opportunity to work with Business, you would gain very good domain knowledge and have fun(true!)
Cons
Plenty of cons. 1. Less to no recognition for your efforts. Even if your work is made globally visible, the local management will NEVER care about you. Even for an extremely self-motivated person (I am such a person!), your battery will die at the end. 2. Favouritism - oh yes. Every manager (at least from my interactions with many), has a set of engineers/employees who they will always promote in a vicious circle. Even if you manage to write an application that will make Volvo Trucks communicate with Mars, you would be still overlooked. 3. Frequent org changes. In my 3 years of time, I have seen 3 reorgs & 3 different managers. None of them is competent or knowledgeable on what to do. They simply don't understand any of the technologies either. 4. COE - the biggest joke Volvo ever pulled. 5. Most of the employees/engineers are so laid back that they struggle to even complete one simple dev task. (I worked with such persons that they require assistance to even write a simple List iteration logic!)