Rivian Automotive said on Monday its Chief Executive Officer RJ Scaringe would directly oversee all product development as the electric-vehicle maker works to ramp up its production.

Chief Product Development Officer Nick Kalayjian would move to the role of executive vice president, vehicle engineering and propulsion, Rivian said in a regulatory filing.

The company's product reporting structure will include software, autonomy, design, vehicle, electrical, propulsion and programs categories, it said.

Earlier this month, Rivian raised its annual production forecast, banking on sustained demand for its trucks and SUVs — a departure from its rivals that are reeling from the double whammy of high inflation, which has dulled buyer appetite, and price cuts at market leader Tesla.

Last month, Tesla CEO Elon Musk said he was concerned about the impact of high interest rates on car buyers, echoing caution from General Motors and Ford amid fears of a slowdown in demand.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi Majumdar)