A 5-degrees-of-freedom shimmy model is established to analyse the dynamic responses of an electric vehicle with independent suspensions. Tyre elasticity is considered by means of Pacejka’s magic formula. Under the nonslip assumption for the leading contact point, tyre–road constraint equations are derived. Numerical simulation is conducted with different structural parameters and initial conditions to observe the shimmy phenomenon. Simulation results indicate that Hopf bifurcation occurs at a certain vehicle forward speed. Moreover, suspension structural parameters, such as caster angle, affect wheel shimmy. The linearized model of the system presents the stability boundaries, which agree with the simulation results. The results of this study not only provide a theoretical reference for shimmy attenuation, but also validate the effectiveness of the provided model, which can be used in further dynamic analysis of vehicle shimmy.