Sweden-based Volvo has delayed the start of production of its new Volvo EX90 model for more software development and testing, it said on Thursday, sending its shares down 5%.
The company now expects to start production of the fully electric SUV in the first half of 2024, it said in a statement.
Volvo, majority owned by China's Geely, unveiled the model late last year, expecting it to hit showrooms in early 2024.
Production was previously planned to begin at the end of 2023, a Volvo spokesperson said. He declined to say when the company now expects the model to reach showrooms.
— Reuters
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