Volvo’s 2024 EV models include RWD for first time in a quarter century, plus range increases
After previously hinting at some upgrades to come, Volvo Cars has shared details of its 2024 model year C40 and XC40 Recharge EVs. By developing a new motor in-house, Volvo is delivering expanded powertrain variants, all promising improved range.
Volvo Cars is one of the legacy automakers that has publicly embraced a full transition to selling electric vehicles only by 2030. That journey truly began in 2020 when the company launched a BEV version of its XC40 SUV called the XC40 Recharge.
It was followed a year later by the C40 Recharge, which completes Volvo’s current lineup of all-electric offerings. However, those two models will soon be joined by the upcoming EX90, whose early customer demand has led Volvo to close orders, citing a sellout as it prepares to begin its first model year of production.
This past January, Volvo COO Javier Varela relayed the company’s plans to expand EV sales through upgrades to its 2024 EVs – more specifically, the C40 Recharge and XC40 Recharge. At the time, the automaker was promising increases to range and charging speeds on the wings of a new in-house motor design and the integration of a RWD variant – the first in any Volvo Cars vehicle in the US in 25 years.
At that same time, the company described a standard and an extended-range version of the RWD configuration on the 2024 Volvo EVs. Today, the company officially announced its 2024 lineup of EV models for the US, complete with two (not three) powertrain options, plus EPA estimated ranges.
Volvo 2024 EVs see new motors, increased range
Per the details shared by Volvo Cars USA today, customers will soon be able to order a new 2024 XC40 Recharge or C40 Recharge EV, complete with many of the upgrades previously promised.
First, Volvo developed its second-generation permanent magnet electric motor in-house for the first time – which will now power the rear axle of its RWD EVs. The new and more efficient 185-kW (248-hp) rear motor also leaves additional room on Volvo’s EV platform for an 82-kWh battery pack. As a result, the RWD versions of the C40 Recharge and XC40 Recharge can deliver up to 297 and 293 miles of EPA estimated range, respectively.
Furthermore, the larger 82-kWh battery pack allows for charge rates up to 200 kW, which Volvo Cars states equates to recharging 10-80% in approximately 28 minutes. Thanks to the new rear motor, Volvo shared that the AWD versions of its 2024 EVs will also see some range increases.
Rather than implement two 150-kW motors like previous versions of the Recharge EVs, Volvo has added the new 255-hp electric motor to the rear, plus a new 147-hp asynchronous electric motor on the front axle. Since the asynchronous motor does not require constant energy and only engages when needed, the AWD variants are more efficient, despite retaining the same 78-kWh battery pack as previous model years.
Volvo shared that the 2024 dual-motor XC40 Recharge EV now offers up to 254 miles of EPA range, up 21 miles from last year’s model. The range of Volvo’s AWD C40 Recharge also increased from 226 miles to 257 miles in the 2024 EV.
Another result of the AWD EVs utilizing the same battery pack is limited charge rates. The dual-motor versions will still only be able to handle up to 150-kW fast charging, leading to slower speeds than the new RWD models. Volvo COO Javier Varela once again spoke:
These updates are another big step in our work towards becoming a fully electric car maker by 2030. Range and charging times are new key factors for more and more of our customers, and these improvements make our fully electric models even more attractive than they already were.
Although it was mentioned back in January, Volvo’s current 2024 EV lineup does not mention any standard range RWD versions of either Recharge model. We’ve asked Volvo Cars for clarification on if the US market will see that third variant and were told not for the 2024 models – just the 82 kWh RWD and dual motor to begin.
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Environment
U.S. could reach deal with Canada that avoids oil and gas tariffs, energy secretary says
HOUSTON — The U.S. could reach an agreement with Canada that avoids tariffs on imports of oil, gas and other energy resources, Energy Secretary Chris Wright said Monday.
Wright said such a scenario is “certainly is possible” but “it’s too early to say” in response to a question from CNBC during a press conference at the CERAWeek by S&P Global. The U.S. is in “active dialogue” with Canada and Mexico, the energy secretary said.
President Donald Trump has paused until April 2 tariffs on Mexican and Canadian imports that are compliant with the agreement which governs trade in North America. Trump originally imposed broad 25% tariffs on goods from both countries as well as lesser 10% tariffs on energy imports from Canada.
It’s unclear, however, how much of the oil, gas and other energy that the U.S. imports from Canada is compliant with the United States-Mexico-Canada Agreement. Wright declined to provide specifics when CNBC asked how much of those imports are USMCA compliant.
“I’m going to avoid the details for now,” Wright said. The energy secretary said, “We can get to no tariffs or very low tariffs but it’s got to be reciprocal” in an interview with CNBC’s Brian Sullivan.
Canada’s energy minister, Jonathan Wilkinson, warned last week that energy prices will rise in the U.S. if the tariffs on energy imports go into full effect.
“We will see higher gasoline prices as a function of energy, higher electricity prices from hydroelectricity from Canada, higher home heating prices associated with natural gas that comes from Canada and higher automobile prices,” Wilkinson told CNBC’s Megan Cassella in an interview.
The U.S. has been the largest producer of crude oil and natural gas in the world for years. But many refiners in the U.S. are dependent on heavy crude imported from Canada. The U.S. imported 6.6 million barrels of crude oil per day on average in December, more than 60% of which came from Canada, according to the Energy Information Administration.
Wright acknowledged that the tariffs are creating uncertainty in energy markets as negotiations continue.
“We’re in the middle of negotiations for where things are going to go with tariffs, so that feels frightening and gripping right now but this time will pass,” Wright said. “Deals will be made, we’ll get certainty and we’ll have a positive economic environment for Americans going forward.”
U.S. crude oil fell more than 1% Monday to close at $66.03 per barrel, while global benchmark Brent closed at $69.28 per barrel. Crude oil futures have pulled back substantially as Trump’s trade policy creates uncertainty and OPEC+ has confirmed that it plans to gradually bring back 2.2 million barrels per day of production beginning next month.
Apple is rolling out a notable update to Apple Maps EV Routing for Ford drivers. Starting today, Ford Mustang Mach-E and F-150 Lightning drivers can use Apple Maps EV Routing via CarPlay to plan road trips that include Tesla Superchargers – or any station that uses the North American Charging Standard (NACS) connector.
As I’ve explained before, Ford began shipping adapters CCS to NACS adapters that allow Mach-E and Lightning drivers to charge at Tesla Superchargers last year. Until today, however, Apple Maps was unaware of this change. This meant Apple Maps EV Routing would only route Mach-E and Lightning drivers to CCS charging stations, even though a route with Tesla Superchargers might’ve been more efficient.
With today’s change, Apple Maps via CarPlay will now include NACS fast charging stations, such as compatible Tesla Superchargers, in recommended route planning recommendations.
In a blog post, Ford explains:
Apple Maps EV Routing in CarPlay allows drivers to input their route and can view the estimated battery level they will have when they get to a destination, as well as suggested charging stations along the way if charging is needed. Previously, Mustang Mach-E and F-150 Lightning drivers would have to manually open another app, then enter a NACS fast charger as a destination to have it added to their route. Now, with the Apple Maps EV Routing and NACS fast charger integration, the experience will be more seamless.
How to Use Apple Maps EV Routing in CarPlay:
- Connect your Apple iPhone to CarPlay.
- Open Apple Maps, go to Settings, and confirm your preferred charging network(s) – make sure you select a NACS fast charging station, such as Tesla Supercharger. You only have to do this once.
- Enter a destination.
- Apple Maps will then calculate the estimated state of charge you will have when you get to a destination.
- If a charge is required, depending on the fastest route, it will automatically route you to a NACS fast charging station.*
This is a significant update to the Apple Maps EV Routing experience for Ford drivers. Next up on my wishlist is support for battery preconditioning when using Apple Maps EV Routing. Android Auto added this feature last October.
The new feature is available now to iPhone users running iOS 17 or later. No software update is required for your car.
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James Murdoch, a Tesla board member and friend of CEO Elon Musk, has confirmed that he sold about $13 million in stock today as the stock (TSLA) crashed.
There has been a lot of insider trading at Tesla lately, and by trading, we mean selling – cause no insider is ever buying at Tesla.
We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.
Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares last week and over $100 million in the last 3 months.
Now, it’s James Murdoch’s turn. The Tesla board member just confirmed, through a required SEC filing, that he sold 54,776 Tesla shares for just over $13 million today:
He sold as Tesla’s stock crashed 15% today. It is now down more than 50% from its all-time high just a few months ago.
Murdoch was appointed to Tesla’s board in 2017.
He is better known as the son of media mogul Rupert Murdoch and the former CEO of 21st Century Fox from 2015 to 2019.
Murdoch was one of the Tesla board directors who was forced to return almost $1 billion in cash and stock options to Tesla as part of a settlement for over-compensation.
Electrek’s Take
Tesla insiders are unloading, and those are just the ones we know about. Public companies only have to report insider trading for board directors and listed top executives.
For the latter, Tesla purposefully only lists 3 people: Elon, Vaibhav Taneja, Tesla’s CFO, and Tom Zhu, whose role at Tesla has bit quite fluid in recent years.
Therefore, we don’t know about the dozens of other top executives potentially selling their shares right now amid a giant correction.
It’s really suspicious because there are clear top leaders at Tesla who are often on Tesla’s earnings calls, and they are not even listed, like Lars Moravy, for example.
But it’s par for the course at Tesla, which has some of the worst corporate governance I have ever seen. It’s truly shameful.
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