This thesis takes EV from the late 90’s as a baseline, assess the capability of today’s EV technology, and establishes its near-term and long-term prospects. Simulations are performed to evaluate EVs with different combinations of new electric machines and battery chemistries. Cost assessment is also presented to address the major challenge of EV commercialization. This assessment is based on two popular vehicle classes: subcompact and mid-size. Fuel, electricity and battery costs are taken into consideration for this study. Despite remaining challenges and concerns, this study shows that with production level increases and battery price-drops, full function EVs could dominate the market in the longer term. The modeling shows that from a technical and performance standpoint both range and recharge times already fall into a window of practicality, with few if any compromises relative to conventional vehicles. Electric vehicles are the most sustainable alternative personal transportation technology available to-date. With continuing breakthroughs, minimal change to the power grid, and optimal GHG reductions, emerging electric vehicle performance is unexpectedly high.