Betrayed by its boosted ride height, this is almost certainly the XC40, rather than the V40 on which that vehicle is currently based. According to our spies, this new crossover rides on Volvo's so-called CMA platform, the architecture that will underpin the next generation of both the hatch and CUV. While this particular car rides on the new platform, it wears the body of the current XC40. That look, when it debuts, is expected to draw from the XC90, as well as the upcoming S90 and V90. As our spies point out, though, there's still a significant amount of information to be gleaned from this test mule.
In particular, we should pay attention to the seam at the rear door, which indicates the wheelbase has been changed. The change is small enough that it's difficult to tell whether this test mule is longer or shorter than the current XC40. Expect to see the new CMA-based vehicles arrive in dealers in 2017. Take a look at all of the spy photos to see what Volvo's up to with this XC40 mule.