The X–ray pulsar SAX J0635+0533 was repeatedly observed with the XMM-Newton satellite in 2003-2004 .
The precise localization provided by these observations confirms the association of SAX J0635+0533 with a Be star .
The source was found , for the first time , in a low intensity state , a factor \sim 30 lower than that seen in all previous observations .
The spectrum , well fitted by an absorbed power law with photon index \sim 1.7 and N _ { H } = 1.2 \times 10 ^ { 22 } cm ^ { -2 } , was compatible with that of the high state .
The low flux did not allow the detection of the pulsations at 33.8 ms seen BeppoSAX and RXTE data .
In view of the small luminosity observed in 2003-2004 , we reconsider the peculiarities of this source in both the accretion and rotation powered scenarios .