Electric vehicle is an effective solution to the fossil fuel energy resource crisis and environmental pollution, but there is a wide gap between current market conditions and the anticipated products. However, low-speed electric vehicles have been commercially successful in the low-end performance electric vehicle market in China. In this paper, the ride characteristics, dynamic performance, battery performance, and power efficiency of a low-speed electric vehicle were examined. The vehicle characteristics were measured through dynamometer and road tests. The overload performance was also tested under the drive power more than 4 times the rated value. The effects of different batteries on the cost performance of low-speed electric vehicles were also analysed. Although the lithium-ion polymer battery is currently more costly than the lead-acid battery, the increased efficiency of this battery provides a more economical full-cycle lifetime driving distance for practical applications. The low power efficiency of the DC drive motor and its control system limit the general power efficiency of the low-speed electric vehicle and determine its economical speed. Some optimisation methods for improving low-speed electric vehicle performances were suggested.