The primary objective of this paper is to introduce a 17-level multilevel inverter with only eight power switches and three diodes that can be suitable for electric vehicle applications. This setup utilizes three distinct unequal DC sources to create the 17 levels of output voltage waveforms. The modes of operations of the proposed topology have been discussed in detail. The calculation of conduction losses, switching losses, efficiency, total standing voltage, and cost function per level for the suggested inverter has been elaborated. Due to more semiconductor power switches, diodes, capacitors, driver circuits, and DC sources in typical inverters, switching losses, costs, and harmonic distortion are increased. The nearest-level control technique has been utilized to control the switching elements of the recommended configuration. The performance comparison of various multilevel inverter topologies has also been discussed. The suggested multilevel inverter provides a higher efficiency of 98.60%, cost function of 3.6 for a weight coefficient of 1, improved power quality, and higher reliability. A reduction in the power switches significantly reduces the convolution of switching circuitry. The total harmonic distortion produced by this inverter is 3.49%, which comes under the IEEE standard of 5%.