Electric vehicles have been developed during last two decades as one of the solutions for reducing the toxic emissions and energy consumption of the transportation sector. However, the higher manufacturing cost of electric vehicles (EVs) is a main barrier for the electric vehicle industry comparing to manufacturing cost of conventional internal combustion engine vehicles (ICEVs); moreover, the cost-benefit analyses and other related studies cannot figure out all benefits and negative attributes of electric vehicles as compared to conventional, internal-combustion vehicles. Recently, an important question about this issue has arisen: Is the electric vehicle the best solution for saving energy, cost, and environment? In order to answer this question, the existing literature related to electric vehicles and both their benefits and negative attributes, in all aspects, have been reviewed and analyzed. In this study, the literature concerning all aspects of electric vehicle performance (environmental, energy, cost, reliability) were analyzed. In addition, the extent of conflicts among the different factors that affect the performance of electric vehicles were determined in order to clarify the overall picture of electric vehicle performance, as compared to that of ICEVs and, finally, to present the overall findings of the study’s analysis.