An electric vehicle, comprising a power transmission system with dual electric motors and planetary gears, the power transmission system comprises two identical power transmission subsystems, wherein the two power transmission subsystems are arranged symmetrically; each of the two power transmission subsystems comprising an electric motor (210, 220) and a speed reducer (120, 130), wherein the speed reducer comprises a first reduction mechanism and a second reduction mechanism, the first reduction mechanism has an input end connected to an output shaft of the electric motor, the first reduction mechanism has an output end connected to an input end of the second reduction mechanism, and the second reduction mechanism has an output end connected to an axle shaft of the electric vehicle; the second reduction mechanism comprises a planetary gear reduction mechanism, the planetary gear reduction mechanism comprises a housing, and a ring gear, planetary gears and a sun gear which are arranged inside the housing in sequence from the outside to the inside, wherein the sun gear is connected to the output end of the first reduction mechanism; the planetary gears are respectively engaged with the sun gear and the ring gear, and are connected to the axle shaft via a planet carrier; and the ring gear is connected to the housing; whereby the electric motor (210, 220) and the speed reducer (120, 130) are both arranged on a subframe of the electric vehicle, wherein said subframe is positioned above a shock-absorbing spring of the vehicle such that the subframe forms part of the sprung mass of the vehicle; the planetary gear reduction mechanism further comprises a ring gear lock arranged on the housing; when the ring gear lock is locked, the ring gear is circumferentially fixed to the housing via the ring gear lock; and when the ring gear lock is unlocked, the ring gear is capable of rotating about its own axis. each of the two power transmission subsystems comprising an electric motor (210, 220) and a speed reducer (120, 130), wherein the speed reducer comprises a first reduction mechanism and a second reduction mechanism, the first reduction mechanism has an input end connected to an output shaft of the electric motor, the first reduction mechanism has an output end connected to an input end of the second reduction mechanism, and the second reduction mechanism has an output end connected to an axle shaft of the electric vehicle; the second reduction mechanism comprises a planetary gear reduction mechanism, the planetary gear reduction mechanism comprises a housing, and a ring gear, planetary gears and a sun gear which are arranged inside the housing in sequence from the outside to the inside, wherein the sun gear is connected to the output end of the first reduction mechanism; the planetary gears are respectively engaged with the sun gear and the ring gear, and are connected to the axle shaft via a planet carrier; and the ring gear is connected to the housing; whereby the electric motor (210, 220) and the speed reducer (120, 130) are both arranged on a subframe of the electric vehicle, wherein said subframe is positioned above a shock-absorbing spring of the vehicle such that the subframe forms part of the sprung mass of the vehicle; the planetary gear reduction mechanism further comprises a ring gear lock arranged on the housing; when the ring gear lock is locked, the ring gear is circumferentially fixed to the housing via the ring gear lock; and when the ring gear lock is unlocked, the ring gear is capable of rotating about its own axis.