Volvo XC40 and C40 Recharge EVs revived as EX40 and EC40 with new upgrades
Volvo is dropping the “Recharge” on its XC40 and C40 all-electric models to streamline its portfolio as it moves toward an EV-only future. The Volvo XC40 and C40 Recharge have been revived as the EX40 and EC40 with a new optional performance upgrade and special Black Edition.
Going all in on electric
As one of the first automakers to announce its commitment to an all-electric lineup, Volvo’s early devotion is paying off.
Volvo kicked off the offensive with the fully electric XC40 Recharge, introduced in October 2019. Powered by an AWD powertrain, the electric SUV offered over 250 miles (400 km) range with Volvo’s signature Swedish design.
In March 2021, Volvo launched the C40 Recharge, a smaller crossover aimed at a new market. The only complaint was the model’s limited EPA range (210 mi), while Tesla’s Model Y achieved over 300 mi on the same size battery.
Volvo updated the electric SUVs last year with more range, faster charging, and several new features.
The new XC40 gained up to 270 mi EPA range, while the C40 Recharge featured up to 275 miles. As the automaker moves closer to an all-electric lineup, it’s streamlining its model names to avoid confusion with its hybrids.
Volvo XC40 and C40 Recharge EVs become EX40, EC40
Volvo announced it is streamlining its EV model names as it moves toward becoming an all-EV lineup by 2030.
The electric XC40 and C40 Recharge have been revived as the EX40 and EC40, aligning with its newly launched EX30, EX90, and EM90 EVs.
“By aligning our trailblazing first electric models with the rest of our electric car portfolio, we simplify choice for consumers as we continue to electrify our line-up and refresh our hybrids,” Volvo’s chief commercial officer and deputy CEO explained.
Volvo is also introducing a new Performance software pack for the EX40 and EC40 Twin Motor variants. It will also be available as an upgrade for previous models in select markets.
The new Performance upgrade boosts power output by 34 hp (25 kW) with unique pedal mapping for quicker acceleration. A “Performance” drive mode unlocks up to 436 hp (325 kW) power.
The package will be offered as an option upgrade for new models, while older model-year vehicles can purchase and download it directly to their car.
Volvo is introducing a special Black Edition for new EX40, EC40, and XC40 models. It includes Onyx Black paint, black badging, 20″ alloy wheels, and microtech or textile charcoal interior.
Volvo achieved its 17th straight month of growth in January, with EVs leading the way. Electric vehicles accounted for 16% of Volvo’s total sales last year.
With new EVs in key segments, including the EX30 (check out our review), starting at $35,000, Volvo expects the momentum to continue in 2024. Its first three-row electric SUV, the EX90, and its first luxury electric van, the EM90, are also launching this year.
Electrek’s Take
Volvo is well on its way to becoming an all-EV automaker, with unique models rolling out in popular segments like large SUVs, luxury vans, and affordable models.
Aligning the XC40 and C40 Recharge EVs with its new electric models will help differentiate from its hybrid models. After selling a record 113,419 EVs last year, or 16% of its total sales, Volvo looks to accelerate EV sales with new models launching this year.
By next year, Volvo aims for 50% of its sales, or around 600,000, to be all-electric. CEO Jim Rowan said he believes the automaker is on track to hit its goal.
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A massive Tesla Megapack project with 1.3 GWh of energy storage capacity is coming online in Arizona – making it one of the largest battery systems.
Salt River Project (SRP) and Plus Power LLC are behind the massive project.
Yesterday, they announced that it is coming online and should provide enough power for 76,000 homes:
Salt River Project (SRP) and Plus Power LLC today celebrated two new grid-charged battery storage systems, Sierra Estrella Energy Storage and Superstition Energy Storage. Together, these facilities will add 340 megawatts (MW) / 1,360 megawatt-hours (MWh) of additional battery storage capacity to SRP’s system – enough to power 76,000 residential homes for a four-hour period. The batteries will absorb excess energy when customer demand is lower and store it for use during times of peak demand.
By being turned on, it automatically became the largest standalone battery system in Arizona and one of the biggest in the US.
Plus Power has been using Tesla Megapacks in many of its energy storage projects, like the one that replaced Hawaii’s last coal power plant.
The Megapack has quickly become the go-to solution for large-scale energy storage projects.
Last quarter, Tesla deployed a record amount of energy storage, 4 GWh, and most of that is believed to be Megapacks.
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EV maker Rivian (RIVN) reaffirmed its plans to build 57,000 vehicles this year during its 2024 Investor Day. More importantly, Rivian still expects to achieve a positive gross profit by the end of the year.
Rivian still on track for positive gross profit in Q4 2024
Rivian gave us a sneak peek into what we can expect as the EV maker transitions to its next growth stage during its first Investor Day on Thursday.
After launching not one but three products (R1T, R1S, and Commercial Van), Rivian lost over $139,000 on every vehicle built in the third quarter of 2022.
Since then, Rivian has made drastic progress in cutting costs. In the first three months of the year, Rivian lost $38,784 per EV built, an improvement of over $100,000. However, that number is still up from the $32.5K and $30.5K losses in Q2 and Q3, 2023.
| Q3 ’22 | Q4 ’22 | Q1 ’23 | Q2 ’23 | Q3 ’23 | Q4 ’23 | Q1 ’24 | |
| Rivian loss per vehicle | $139,277 | $124,162 | $67,329 | $32,594 | $30,500 | $43,372 | $38,784 |
Rivian shut down its Normal, IL, manufacturing plant in April for a host of upgrades. According to CEO RJ Scaringe, the changes have resulted in “significant” cost reductions.
As a result, Rivian expects to achieve its first positive gross profit in the fourth quarter of 2024. On Thursday, Rivian reaffirmed that it’s on track to hit the milestone by the end of the year.
Rivian believes that, between significant material and labor cost reductions, it will be enough as it strives to earn a profit.
2024 production goal in sight
Rivian also confirmed it’s on track to build 57,000 vehicles this year. Despite production slipping in Q1 (13,980 vs 17,541 in Q4 2023), Rivian expected a slowdown with the planned plant shutdown.
The EV maker expects lower production in Q2 between 9,100 and 9,300 units. Second-quarter deliveries are forecasted to be between 13,000 and 13,300, slightly lower than the 13,588 handed over in Q1.
Rivian expects to ramp production in the second half of the year. Following the R2 launch in early 2026, it expects production capacity to reach 215,000 units.
The smaller, more affordable R2 is expected to represent 155,000 of the total 215,000 production capacity.
Once Rivian’s Georgia plant opens, output is expected to surge with 200,000 production capacity on line 1 and another 200,000 on line 2.
Rivian’s new partnership with Volkswagen earned it new confidence as its stock surged over 20%. Several analysts praised the move, including Dan Ives from Wedbush. Ives said the deal can “change the game for Rivian” on its path to profitability.
Source: Rivian
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