Evaluation of the reliability of the components of electric vehicles (EVs) has been studied by international research centers, industry, and original equipment manufacturers over the last few years. Li-ion batteries are the main sensitive component of an EV’s E-power train. In other words, the Li-ion batteries for electromobility applications are one of the main components of an EV, which should be reliable and safe over the operational lifetime of the EV. Thus, investigating how to assess the reliability of the Li-ion battery has been a highly recommended task in most European projects. Moreover, with the increase in the number of new EVs made by European car companies, there has been a competition for market acquisition by these companies to win over customers and gain more market share. This article presents a comprehensive overview of the evaluation of the reliability of Li-ion batteries from practical and technical perspectives. Moreover, a case study for assessing reliability from practical and technical perspectives has been investigated.