In this study, a long short-term memory (LSTM) based estimator using rotating axis components of the stator voltages and currents as inputs is designed to perform estimations of rotor mechanical speed and load torque values of the induction motor (IM) for electrical vehicle (EV) applications. For this aim, first of all, an indirect vector controlled IM drive is implemented in simulation to collect both training and test datasets. After the initial training, a fine-tuning process is applied to increase the robustness of the proposed LSTM network. Furthermore, the LSTM parameters, layer size, and hidden size are also optimised to increase the estimation performance. The proposed LSTM network is tested under two different challenging scenarios including the operation of the IM with linear and step-like load torque changes in a single direction and in both directions. To force the proposed LSTM network, it is also tested under the variation of stator and rotor resistances for the both-direction scenario. The obtained results confirm the highly satisfactory estimation performance of the proposed LSTM network and its applicability for the EV applications of the IMs.