So far, Rivian has demonstrated the R1T electric pickup and R1S electric SUV, and the automaker hopes to officially produce electric vehicles from the fall of 2020. Both models are based on the company's "skateboard" EV platform, which looks like a huge skateboard with the vehicle's battery, motor and all control electronics, allowing different types of body to be mounted on it.

Ford did not disclose what type of vehicle it plans to build on the Rivian platform, but pointed out that the new model will complement Ford's existing EV program. The automaker has announced that it will launch an electric crossover and an all-electric F-150 pickup in 2020, both of which are already under development. Ford has previously announced plans to invest $11 billion to develop its electric vehicle line.

Under the terms of the agreement, Rivian will remain an independent company, but Ford Motor Company President Joe Hinrichs will join Rivian's seven-person board. The two companies said the investment is still subject to regulatory approval. Rivian had previously received an investment from Amazon. Headquartered in Plymouth, Michigan, Rivian has additional engineering facilities in California. The company purchased a 2.6 million-square-foot former Mitsubishi plant in Normal, Ill., which is being modified to produce R1S and R1T models.