Sweden-based Volvo Cars (VOLCARb.ST) 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 Cars, majority owned by China's Geely (0175.HK), 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 Cars spokesperson said. He declined to say when the company now expects the model to reach showrooms.
