Ford Motor Co. is investing $500 million in Rivian and will use its "skateboard" platform for a new battery-electric vehicle to bring expanded electrification to its lineup.

Rivian has been building momentum since debuting its R1T fully electric pickup and R1S seven-passenger SUV at the Los Angeles Auto Show in November. In February, Amazon announced it would invest $700 million in the Plymouth, Mich.-based manufacturer for the development of a delivery van. Rivian has a manufacturing plant in Normal, Ill.

Rivian's CEO and founder RJ Scaringe and Ford leaders said the partnership will benefit both parties, and Rivian will remain an independent company.

"This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility, Scaringe said. "Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry's earliest advocates, and we are excited to use our technology to get more electric vehicles on the road."

The investment will help expand Ford's electrification efforts.

"As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both," said Jim Hackett, Ford president and CEO. "At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources."