40 Gbit/s low-loss silicon optical modulators are demonstrated. The devices are based on the carrier depletion effect in a pipin diode to generate a good compromise between high efficiency, speed and low optical loss. The diode is embedded in a Mach-Zehnder interferometer, and a self-aligned fabrication process was used to obtain precise localization of the active p-doped region in the middle of the waveguide. Using a 4.7 mm (resp. 0.95 mm) long phase shifter, the modulator exhibits an extinction ratio of 6.6 dB (resp. 3.2 dB), simultaneously with an optical loss of 6 dB (resp. 4.5 dB) at the same operating point.