Sweden’s Cool Little EV Has Arrived… But Canadians Still Have Questions
Let’s start today’s review with a Canadian EV reality check.
People are still nervous about electric vehicles.
Not everyone, of course. EV owners love them and Tesla drivers will gladly explain charging curves to you while you’re just trying to buy milk at Costco. But mainstream Canadians still have concerns — and lately, I’m hearing a new one more and more often.
Charging impatience.
We’ve spent years talking about range anxiety, but now consumers are realizing that even “fast charging” still takes somewhere between 20 and 40 minutes to go from roughly 10% to 80%. In a world where people complain if their Tim Hortons app order takes six extra minutes, that’s becoming a real conversation point.
And now, onto another EV.
The second I saw the 2026 Volvo EX40 AWD, I immediately liked it. It had a different vibe about it. Maybe it was the sharp alloy wheels, maybe it was the compact-but-not-too-compact sizing or maybe it was the clean Scandinavian styling that doesn’t need fake vents and spaceship lighting to get your attention.
The EX40 simply looks cool.
Once I got behind the wheel, the European feel was immediately obvious. The dual-motor AWD setup has lots of punch and responsiveness — something I appreciated because several EVs I’ve driven lately felt smooth but oddly sluggish. The EX40 moves with authority without trying to detach your internal organs the way some performance EVs seem determined to do.
Around town, the Volvo is easy to park, easy to place and doesn’t feel oversized or cumbersome. On the highway, however, the EX40 really settles in nicely. At speed, it feels planted, mature and confidence inspiring with very good ride quality and minimal wind noise. Volvo still knows how to engineer a solid highway vehicle.
Another major highlight is Volvo’s integration of Google’s built-in technology. The Google Maps routing, charging optimization and voice-command functionality all work exceptionally well and feel intuitive instead of gimmicky. Tesla figured this out years ago and it’s nice to see other manufacturers finally catching up.
And then there’s Volvo’s famous safety DNA.
Now, while driving the EX40, it’s not constantly screaming at you that you’re wrapped inside a Swedish security blanket, but after doing my post-drive research, it became obvious that Volvo remains deeply committed to occupant safety. That’s one of the biggest reasons the brand continues to attract loyal owners year after year. And yes, on paper, Volvo still appears exceptionally safe — arguably safer than several competitors that market themselves heavily around safety.
Of course, no review is complete without a few lowlights.
The EX40’s interior didn’t impress me as much as I hoped it would. It’s clean and modern enough, but parts of the cabin felt a little too familiar and slightly last-generation for a new EV. The portrait-style touchscreen and upright dash design work fine, but I expected more visual wow-factor at this price point.
There were also a few too many hard plastics scattered around the cabin for a luxury-branded EV approaching $75,000.
And then we circle back to charging speeds.
Research suggests the EX40 isn’t particularly eager to charge at ultra-fast rates, which could frustrate owners who rely heavily on public charging infrastructure. Condo and apartment dwellers especially are starting to pay closer attention to charging convenience because not everyone has access to an overnight home charging setup.
Now let’s discuss the most important category in automotive journalism:
Golf bag capability.
As I climbed into the rear seat and opened the cargo area, I immediately started calculating how many golfers and golf bags this thing could realistically manage.
The answer? Not enough.
The EX40 works well for couples and smaller families, but once you involve three adults and multiple golf bags, things get tight in a hurry. I still believe EV designers could be doing a better job maximizing passenger and cargo space considering they no longer need to package a large gasoline engine under the hood.
Courtesy of CarCostCanada, the 2026 Volvo EX40 lineup consists of four dual-motor AWD trims:
- Twin Motor AWD Core — $63,600
- Twin Motor AWD Plus — $64,900
- Twin Motor AWD Ultra — $74,950 (the model tested)
- Twin Motor AWD Ultra Black Edition — $75,850
Interestingly, according to CarCostCanada inventory data, the only trim showing decent availability appears to be the Plus model. More inventory is reportedly arriving soon, but on-ground availability still seems limited in the Greater Toronto Area.
I also checked in with the Leasing Specialists at LeaseBusters who indicated there hasn’t been much activity from EX40 lessees looking to exit their leases early — generally a positive sign for owner satisfaction.
However, current lease pricing may still raise some eyebrows.
Using CarCostCanada’s payment calculator, the EX40 Ultra was showing lease payments of roughly $1,000/month over 48 months at 4.99% interest. That feels expensive — especially considering Volvo is reportedly offering approximately $9,000 in Alternative Cash incentives plus another $5,000 in Brand Ambassador money on certain models.
The EX40’s main competitors include the BMW iX, the Audi Q4 e-tron and the Genesis GV60.
The BMW is considerably more expensive at roughly $89,900, but many luxury EV shoppers will still compare them. The Audi and Genesis are much closer competitors and interestingly, both lease out at roughly the same $1,000/month-plus-tax territory as the Volvo.
Respectfully to all of these vehicles, I’m still not entirely convinced mainstream Canadians have emotionally adjusted to these kinds of monthly payments for compact luxury SUVs.
But here’s the important counterpoint.
Given today’s gasoline prices in Canada, many EV owners could realistically save $350 to $400 per month or more in fuel costs. Suddenly that scary-looking $1,000 payment starts feeling more like $650 to $700 per month after fuel savings are factored in.
Hmmmm.
That changes the conversation.
At The End Of The Day
The 2026 Volvo EX40 AWD is a very likeable EV.
It’s stylish, quick, refined and easy to live with. It delivers genuine European driving character, excellent technology integration and the reassuring safety reputation Volvo has built its brand upon for decades.
No, it’s not perfect. The interior could feel richer, the charging speeds could improve, and the rear-seat cargo practicality could be better.
But the EX40 feels authentic.
It doesn’t try too hard to be futuristic and it doesn’t overwhelm drivers with gimmicks. It simply feels like a thoughtfully engineered Scandinavian EV designed for people who still enjoy driving — and honestly, that’s becoming surprisingly refreshing in today’s automotive world.
James Matthews is the President, General Manager and Co-Founder of LeaseBusters. James launched LeaseBusters in 1990 and is considered one of Canada’s leading experts on new-vehicle leases, lease takeovers, and vehicle lease (re)marketing. James can be reached directly at jmatthews at leasebusters.com
