Ford Motor has agreed to invest $500 million in Rivian, an electric-car start-up that is widely seen as a potential rival to Tesla, Ford announced on Wednesday.

Rivian, based in Plymouth, Mich., plans to begin producing a pickup truck and a sport utility vehicle by the end of next year. Both will be powered by battery packs and are designed to be luxury vehicles that could appeal to many of the consumers drawn to Tesla and its upscale models. The retail giant Amazon led a $700 million investment in Rivian in February.

Ford is counting on the partnership to accelerate its efforts to field a range of electric cars and trucks, while it also pushes to streamline operations, slash costs and increase profitability. The company’s turnaround effort has shown little tangible progress since Jim Hackett became chief executive two years ago. Ford’s stock has fallen about 9 percent since his arrival.

On Thursday, Ford is scheduled to report its first-quarter earnings, and many analysts expect a decline. In 2018, its profits fell more than 50 percent.