To date, the automotive industry remains the locomotive of the global economy, despite its diversity. Electric vehicle technology plays a vital role as its production and use increase in many cities around the world, which will undoubtedly impact human behavior in the future. Therefore, this work adopts an in-depth descriptive-comparative approach to evaluate and analyze a number of engineering, economic, and environmental factors to understand their advantages and disadvantages and predict their future impact on society. The research focused on environmental impact, specifically the differences in emissions, carbon footprint, and sustainability over the vehicle's lifecycle from production to disposal. Economic aspects were also examined, such as original purchase costs, maintenance, fuel and energy costs, and resale value. Performance and efficiency were evaluated in terms of range, battery life, efficiency, acceleration, and the overall driving experience. Furthermore, advances in battery management technology using artificial intelligence, charging infrastructure, and powertrain design were comprehensively explored. The findings emphasized the importance of sustainable reliance on clean energy compared to fossil fuels, given the potential and future prospects of renewable energy. This paper concludes by providing balanced recommendations to understand the current situation and anticipate new proposals for developing future automotive technology to improve the quality of life of passengers according to standardizations. Therefore, this paper will serve as a resource for stakeholders, including policymakers and researchers.