Battery technology has been widely used in various applications such as electric vehicles, smart grids, renewable energy systems, and sustainable power applications in recent years. The type, rating, and operating characteristics of batteries vary from one application to another. For example, Electric Vehicles (EVs) need lightweight batteries capable of producing fast energy and withstanding frequent charge/discharge cycles. Renewable energy applications require batteries that can store large energy in the time of excessive electric power generation and can substitute renewable energy sources to supply power in times of non-generation. As batteries are an electro-chemical phenomenon and are generally expensive, it is essential to establish an effective battery model to analyze its behavior under different operating conditions. In this regard, this paper presents a comprehensive study of various battery modeling approaches widely used for the characterization of batteries employed as energy sources for electric vehicles. A simple modified generic battery model is developed and simulated for the ANR26650M1 Li-ion battery in a MATLAB-Simulink environment. The modified generic model includes a polarization voltage term to represent the open-circuit voltage accurately and the polarization resistance term is slightly modified. The model parameters are deduced from the data sheet provided by the battery manufacturers. The discharge curve obtained through simulation is validated with the one given in the datasheet.