In 1958, the PV 544 was introduced (although the Volvo Amazon, which was introduced in 1956, was to replace the PV444). The most important differences with the PV444 are: the windshield is made of one piece, new (also padded) panel (with horizontal speedometer) and interior, new steering wheel, new rear lights, redesigned headset, larger and clear rear window : space for 5 people instead of 4 (hence the name 544). The extra space was created by a wider rear seat. There were also seat belt holders available at the back (seat belts at the front were already available on PV 444).

The first version of PV 544 is the standard. It had a 60bhp B16 engine with an M30 3-speed gearbox and was only available in black. Volvo also made the other version available in the introduction, which were Special I (better equipment and interior upholstery), Special II (the same as Special I but available in more color options and four-speed M40 gearbox) and the PV Esporte (export only) which also had a travel recorder, front seat belts and a B16B engine that supplies 85 hp. With all the colors and upholstery available, there were more than 100 possible combinations for the PV 544!