DETROIT — The long-simmering rivalry between Detroit's two largest automakers has sparked an electric vehicle arms race that's intensifying by the week and converting many Wall Street skeptics into believers.
General Motors and Ford Motor Co. have spent much of the past year making one big-ticket EV reveal after another, from the GMC Hummer and Cadillac Lyriq to the F-150 Lightning and E-Transit van.
The two automakers also keep trying to one-up each other's plans to invest billions of dollars in EVs and eventually shift away from internal-combustion engines. Ford's Lincoln luxury brand last week committed to four battery-electric vehicles by 2030, while GM promised two additional U.S. battery plants as it raised its EV and autonomous vehicle investment to $35 billion through 2025. That followed Ford's pledge of $30 billion toward EVs several weeks earlier, though the companies use different time frames that prevent straightforward dollar-to-…