Ford (F) - Get Ford Motor Company Report  announced a $500 million investment in sustainable energy automaker Rivian that will result in a new, Ford-built electric vehicle that will use Rivian's platform. 

The investment will expand and accelerate Ford's electric vehicle program at a time when the company is contracting its sedan division while it focuses on its trucks and SUV sales. 

"We are excited to invest in and partner with Rivian," said Bill Ford, Ford's executive chairman. "I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation." Ford was referring to Rivian CEO RJ Scaringe.

Rivian already has developed two clean-burning vehicles, including an SUV that has a 400-plus mile range that will debut in 2020. 

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"This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility," said Scaringe. "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."

Shares of electric vehicle maker Telsa (TSLA) - Get Tesla Inc Report  were down 0.34% on the news. Ford shares are down 0.8% Wednesday.