Have a look at the detector : it will be mounted pointing art the spindle under the gear cover. Photo is of my WM280, but yours should be similar. Black wire at top connected to sensor on the L bracket: my sensor has a red LED, but I don't think that's universal.

Potential faults: sensor loose on bracket, misaligned, not close enough to the magnets on the spindle, or plastered in grease. Maybe the magnets have come off – unlikely.
The other easy-fix possibility is at the other end of the cable where it plugs into the tachometer circuit behind the front-panel : it may have come loose in transit. Make sure the plug is inserted properly.
If it's not obvious and a new lathe speak to the supplier.
Dave