High performance or heavy weight electric vehicles (EVs) require high-power electric drive systems. However, availability of automotive qualified power devices with demanded high voltage and high current ratings are limited. The DC motors are easily driven with the output of the batteries available. But for the AC motors, it is driven by converting the DC power from the batteries to AC power. Devices and Inverters in series and/or in parallel are typical and effective solutions to achieve high power output capability. This paper characterizes and compares Silicon (Si) and Silicon Carbide (SiC) power MOSFETs employed in a Three-Level Neutral Point Clamped (NPC) Inverter Topology to run a three-phase motor under high temperature conditions by running simulations of it. In characterization of the power devices, the device threshold voltage, on-resistance and leakage current are measured and compared at different temperature levels. The operating characteristics variations are investigated to reveal the high temperature effects on the devices. The results demonstrate that SiC MOSFETs significantly reduce power dissipation—dropping from 1.28 kW in Si-based systems to just 52.24 W in SiC based systems—thereby improving overall system efficiency. The findings highlight the potential of SiC technology in enhancing inverter performance for EV applications.