The rapid electrification of transportation after 2020 has increased discussions about whether electric vehicles (EVs) are more environmentally friendly than internal combustion engine vehicles (ICEVs). Although EVs do not produce tailpipe emissions, their total impact on the environment depends on the manufacturing process, battery production, the combination of electricity production, and end-of-life treatment. In this work, the LCA of EVs and ICEVs on the basis of cradle-to-grave life cycle analysis is provided under the conditions of technological progress and the grid in the post-2020 period, with references to the Indian electricity mix. Mathematical emission modeling, break-even analysis, and sensitivity analysis are conducted for a functional unit of 150,000 km. Results indicate that EVs exhibit higher manufacturing emissions but lower operational emissions. Compared to ICEVs, EVs exhibit 6–30% lower total life cycle emissions under current grid conditions (0.7 kg CO₂/kWh). The study also emphasizes how important grid decarbonization is to improving EV sustainability performance.