(Reuters) - Luminar Technologies shares tumbled about 10% on Wednesday after the self-driving sensor maker's fourth-quarter results missed estimates on delayed production schedule for Volvo Cars' new EX90 electric SUVs.
The company had shifted its manufacturing and engineering resources to prepare for the start of production for the cars moved to 2024 from the originally scheduled 2023-end, weighing on sales of its sensors.
"The EX90 production delay is likely to last until mid-2024. Volvo is targeting customer deliveries of the EX90 in late 2024," said Jaime Perez, analyst at R.F. Lafferty Equity Research.
Luminar reported revenue of $22.1 million in the fourth quarter, missing estimates of $27.34 million, according to LSEG data. Adjusted loss per share of 20 cents also fell just short of expectations.
"Commercial progress has been slower than we expected, but certainly not only at Luminar but within the auto-tech ecosystem," TD Cowen said.
Adoption of electric vehicles have slowed while analysts have said that Advance Driver-Assistance Systems face a "largely negative sentiment" due to autonomous program delays and cancellations.
Mobileye Global (NASDAQ:MBLY), which provides technology for ADAS and fully autonomous vehicles, said last month that inventory build-up at its customers will impact growth in 2024.
Luminar's shares were down 10.4% at $2.24 on Wednesday. The stock had lost nearly a third of its value last year.