Ford is investing $500 million in the electric vehicle startup Rivian, and will sell a vehicle built on the company’s platform in the coming years, the companies announced Wednesday.

Rivian unveiled its own all-electric pickup and SUV models at the Los Angeles Auto Show in November with plans to put them into production late next year at its factory in Normal, Ill. At the time, the company said it was open to licensing the technology to other brands.

Both models are built on a shared “skateboard” style chassis that incorporates the drivetrain and battery pack and can be modified to accommodate a variety of body types.

Rivian recently completed a $700 million investment round led by Amazon and was reportedly in discussions with General Motors to create a similar partnership to the one being forged with Ford.

ELECTRIC FORD F-150 SPOTTED:

Ford CEO Jim Hackett did not reveal the type of vehicle that will be created, or when it will go on sale, but confirmed that it will be in addition to the electric Mustang-inspired SUV and Ford F-150 the automaker currently has in development.

“There’s a lot we can learn from Rivian’s clean sheet approach,” said Ford President Joe Hinrichs.

Rivian’s first two models feature four electric motors, air suspension systems and promise a per-charge range as high as 400 miles. Both are aimed at the premium segment and are expected to start at $69,000.

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