The second-generation Volvo V40 (factory code MV) premiered at the 2012 Geneva Motor Show as a premium 5-door hatchback replacing the S40, V50, and C30 simultaneously. Built on an updated Global C / Volvo P1 architecture, it introduced a world-first pedestrian airbag system deployed from beneath the rear edge of the bonnet upon impact.

Powertrains encompassed T2 through T5 petrol engines (including five-cylinder 2.5-liter and four-cylinder Drive-E units) alongside D2, D3, and D4 diesels. The V40 Cross Country variant added elevated ride height and protective body moldings. A 2016 facelift incorporated Thor's Hammer LED headlights and updated front grille detailing.