Volvo Repair: 1990 volvo 740 no power when cold, fuel pressure regulator, cold question

Question
QUESTION: Hello, Our 1990 volvo 740 will only go about 20 mph when cold.  After 15minutes or so the car seems to drive fine.  Pulled codes 2-3-2 and 1-1-3.  Any ideas?  One person said maybe fuel pressure regulator?

ANSWER: William, 2-3-2 is a lambda issue meaning 02 sensor.  a 113 is a bad fuel control unit.  The pressure regulator would fail completely and not after warming up.  It may also be a bad ECT sensor.  If that goes bad, then its dumping too much fuel and wouldnt start.  You have a different problem.  Sounds like fuel delivery to me.  Roger

---------- FOLLOW-UP ----------

QUESTION: Thanks Roger,  However my father in law thinks it something to do with transmission.  The car revs very high as you put foot on gas, but it will not shift out of first in to secong the reason it will only go up to 20-25mph.  I guess my son says warming up makes no difference.  He say if you let it rev at 3500 rpms for like 5 minutes or so than in kicks down into second and is fine.  He also says sometimes he will shift between drive and first gear on selector to get it to kick down and  into second.  Any help? Thanks so much, Bill

Answer
William, you should have told me that in the beginning. With the car warmed up, check the level of the transmission fluid.  There may be a sticky kickdown cable as well.  Pull on it at the throtle to see if its sticking.  Let me know what you find.  Roger