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Global commitments for climate change mitigation and sustainable development have given the electric vehicle renewed attention as a critical building block of sustainable transport. However, the diffusion of electric vehicles has been limited so far. In an effort to facilitate scaled-up deployment of electric vehicles, this paper examines the economic feasibility of replacing the current fleet of fossil fuel taxis in Seoul with electric vehicle (EV) taxis by gradually phasing out the former based on their operational lifetime. In the cost-benefit analysis for such a transition, costs of purchasing vehicles and constructing and maintaining charging infrastructure are estimated based on the market prices and characteristics of taxi transport in Seoul. On the benefit side, the avoided environmental costs due to reduced air pollutants and greenhouse gas emissions are calculated. Traffic assignment is incorporated in the calculation process for a better estimation of the avoided costs through more accurate link flows and speeds on the road network. Savings in fuel and maintenance costs are also estimated. The resultant benefit-cost ratio signifies economic viability of the deployment of EV taxis. The results of the study are encouraging and could strengthen the argument for pushing the transition to electric vehicles forward.