Is it the older Chinese CV50 or the newer Indonesian CV50? I actually thought the CV50s were still made in China but I just checked and it seems all the new CVs, including the 50s, are Indonesian now?
I've got the older Chinese version which was considerably cheaper than the current Indonesian version. It's an absolutely AMAZING instrument, easily comparable to basses in the $1000+ price range. One of the best necks I've ever seen in a mass manufactured production model. I replaced the pickup in mine with a Seymour Duncan Antiquity II. The lows got a little tighter and the mids slightly more present but the difference wasn't really THAT big, considering that the new pickup cost about almost as much as the bass! The stock pickup was actually quite decent and it delivered roughly the same output volume as any of my other passive P-basses.
If you've got the newer Indonesian version it's possible that Fender have downgraded the pickup of course (the older Chinese CVs are generally regarded as better) but I still wouldn't expect the output level to be unusually low. The pickup really shouldn't have a noticably lower output than other passive basses. If you're comparing to an ACTIVE bass it's a different matter of course. The CV would have a considerably lower output than many active basses.
Have you checked the pickup height? Raising it might help, but don't raise it TOO much or you will get all sorts of problems. If the pickup has the correct height and it's still noticably lower than other passive basses I suspect you may have a faulty pickup or some other issue with the electronics.
