2024 Volvo XC40, C40 Recharge price and specs: Electric-car prices rise with update

The 2024 Volvo XC40 and C40 Recharge electric SUVs have been updated for the new model year, with more power and greater driving range due in the second half of the year – but prices have increased between $3000 and $4500.

As previously reported, the single-motor variants of the XC40 and C40 Recharge have switched from front- to rear-wheel drive – becoming Volvo’s first rear-wheel-drive models in 25 years, since the S90 and V90 (formerly the 960) large cars were discontinued in 1998. 

Volvo has increased the price of both single-motor variants by $3000, with the XC40 Recharge now starting from $76,990 plus on-road costs, while the C40 Recharge is priced from $78,990 plus on-road costs.

This $76,990 price is what the twin-motor XC40 Recharge Pure Electric was priced from when it launched in Australia in late 2021, for Model Year 2022 – before a facelift last year, and this year's performance upgrades.

The single-motor Volvo XC40 and C40 Recharge have received a 5kW power increase – from 170kW to 175kW – while the claimed driving range of both models is also up, from 425km to 460km in the XC40, and 438km to 476km in the C40.

The increased driving range has been attributed to a cooling efficiency upgrade to the electric SUV’s 69kWh battery pack – which is unchanged in its capacity from 2022 – plus a new aerodynamic 19-inch wheel design.

The biggest changes for the XC40 and C40 Recharge have been delivered to the twin-motor variants, which are equipped with a larger battery and more powerful rear electric motors.

While the twin-motor models were previously equipped with two 150kW electric motors – one on each axle – the 2024 update has resulted in a 183kW permanent-magnet electric motor powering the rear wheels, while a 117kW asynchronous electric motor driving the front axle.

According to Volvo, the combined outputs of the two motors are unchanged at 300kW and 660Nm, though the power is now biased towards the rear wheels.

The twin-motor Volvo XC40 and C40 Recharge are now powered by a 82kWh battery pack – up 4kWh – with additional cooling updates, extending the driving range of the electric SUVs from from 438km to 500km in the twin-motor XC40, or 451km to 507km in the twin-motor C40.

While the single-motor XC40 and C40 Recharge can be specified with the twin-motor version's larger 82kWh battery pack in Europe, this configuration will not be available in Australia initially.

The 2024 Volvo XC40 Recharge Pure Electric and 2024 Volvo C40 Recharge electric vehicles are due in Australian showrooms between July and September 2023.

Note: All prices above exclude on-road costs.