Electric Vehicle Advantages
- Produces significantly less emissions.
- Charging is about $2.44 per charge (on average, depending on where you live and what time of day you recharge) vs. Average Tank of Gas 
- Produces full torque from the first instant (hence, high performance).
Electric Vehicle Disadvantages
- Expensive initial cost 
- Being of a new and more complected design, EVs are more difficult and expensive to repair
- Relatively smaller range (the exception being extended range-EVs, which have gasoline generators on board, allowing these cars to have the same range as any other traditional gasoline powered car) 
- Limited access to charing facilities (while homeowners can charge EVs with any standard 120 volt outlet or have a 240 volt charging system installed in their home, many city dwellers and those without the ability to charge their EVs at home will depend on recharging their EVs at public charging stations, of which there are currently very few)
- Limited battery lifespan (like with any rechargeable battery, the maximum charge held by an EV's battery will eventually decline, requioring the replacement of this very expensive battery system; manufactures generally claim about a 10-year lifspan for their EV's batteries.)
Electric Vehicle and the Economy
Electric vehicles are great for vehicular diversity which creates competition. In a free market system, when competition is created the consumer wins. This is because gasoline car companies and electric car companies work harder and harder to convince you to buy their product. As a result, they have to bring the best performance to the table at lower and lower prices.
Most EVs on the market in 2011 are pure electric vehicles, having only a rechargeable battery and electric motor on board. This limits the range of the vehicle to the maximum change able to be stored in the car's batteries (which decreases with continual recharging). The Chevrolet Volt, an American-built electric car, is, however, the first and currently only extended-range EV, meaning that it has a gasoline generator on board that produces electirical power to drive the car's motor when the batteries are depleted. This gives the Volt a 400-mile range on a single charge and tank of gas. The Volt only requires one of its power sources to operate at any one time (thus it can run entirely on electricity stored in batteries, entirely on gasoline, or both simultaneously), thus the Volt, as apposed to all other EVs in 2011, can be driven like a traditional gasoline-powered vehicle with many of the advantages of an electric motor as the power-plant of the vehicle (e.g. full torque from the first instant). Some manufactures of pure EVs have attacked the use of a gasoline generator on the Volt, touting their pure electric vehicles as the more environmentally conscious option, hoping to paint the Volt and future extended-range EVs as harmful to the environment and attracting more environmentalists to their products (see Nissan Leaf).
As of the end of 2013, electric vehicles sales have risen to over 96,000 (168,000 since 2008), though this still represents less than one percent of all vehicle sales. The number of models has risen to sixteen with more in the planning stages.