As the global automotive industry accelerates its transition toward electrification and decarbonization, three technical routes have emerged as the dominant transitional and terminal solutions for new energy vehicles: the battery electric vehicle (BEV), the plug-in hybrid electric vehicle (PHEV), and the range-extended electric vehicle (EREV). Although all three routes rely on an electric drive architecture, they differ fundamentally in energy source, powertrain topology, dependence on charging infrastructure, and cost structure. This paper systematically compares the technical characteristics of the three routes, analyzes the competitive landscape shaped by market performance, policy orientation, and infrastructure constraints, and discusses their respective development prospects. The analysis suggests that the three routes are not strictly substitutable in the short to medium term; rather, they serve differentiated consumer segments and regional markets. In the long run, BEVs are likely to dominate as battery technology matures and charging infrastructure expands, whereas PHEVs and EREVs will retain strategic value as transitional and scenario-specific solutions, particularly in markets with weak charging networks and extreme climatic conditions.