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Rivian said on Thursday that it expected greater losses for the year, as a shortage of a key part for its motors continued to drag on the electric carmaker.

The California company said it will lose between $2.8bn and $2.9bn this year, before interest, taxes, depreciation and amortisation, compared to its previous forecast of a $2.7bn loss.

The carmaker reported earlier this month that a shortage of a part used in the motor for several models had become “acute” and cut its annual production guidance to a range of 47,000 to 49,000 vehicles, down from 57,000.

Rivian reported its first quarterly revenue loss since its initial public offering in 2021, posting revenue of $874mn that missed Wall Street expectations.