Swedish company Volvo Cars 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 plans to start production of the all-electric SUV in the first half of 2024, it said in a statement.
Volvo Cars, majority-owned by China’s Geely, unveiled the model late last year, expecting it to hit showrooms in early 2024.
Production was previously scheduled to start in late 2023, a Volvo Cars spokesperson said. He declined to say when the company now expects the model to hit showrooms.