In this paper, a degradation testing of a lithium-ion battery used for an electric vehicle (EV) is performed and the capacity fade is measured over 400 cycles. For this, a 200 Ah LiFePO4 battery cell is tested under ambient temperature conditions with charge-discharge cycles at rate of 1C (constant current). Additionally, individual cell characterization is conducted using a C/25 (0.8A) charge-discharge cycle and hybrid pulse power characterization (HPPC). Later, the Thevenin battery model was constructed in MATLAB along with an empirical degradation model and validated in terms of voltage for all cycles. It is also found that the presented model closely estimated the profiles observed in the experimental data. Data collected from the experimental results showed that a capacity fade occurred over the 400 cycles and the discharge capacity at the end of 400th cycle is found to be 137.73 Ah. The error between model/experiments is found to be less than 3.5% for all cycles.