Electric and hybrid vehicles continue to demand a considerable share of the automotive market. This movement has been enabled by the recent technological improvements in the areas of electric motors, power electronics, and energy storage. While many electric vehicles (EVs) are on the market, they are not as cost competitive as conventional vehicles, and affordable cost is necessary for large-scale market penetration. For this to become a reality, continued research is needed to develop new cost-efficient technologies. This article presents the metrics and benchmarks used to gauge the performance of various electric drivetrains. In addition, current state-of-the-art technologies are presented in terms of these metrics as well as the future goals and trends in the industry. With ongoing development, the market for electric and hybrid vehicles will continue to increase.