The race is on to become the next Tesla Inc. Tens of billions are riding on the outcome.

Investors from Wall Street to the Motor City are betting that a field of electric-car startups can emulate the rise of Elon Musk, who sits at the wheel of a company that is on track to sell 500,000 battery-powered vehicles this year and turn its first-ever annual profit. His Tesla—scheduled to join the S&P 500 next month—is now more valuable than Toyota Motor Corp., Volkswagen AG, General Motors Co. and Ford Motor Co. combined.

It…



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