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A detailed component performance, ratings, and cost study was conducted on series and parallel hybrid electric vehicle (HEV) configurations for several battery pack and main electric traction motor voltages while meeting stringent Partnership for a New Generation of Vehicles (PNGV) power delivery requirements. A computer simulation calculated maximum current and voltage for each component as well as power and fuel consumption. These values defined the peak power ratings for each HEV drive system's electric components: batteries, battery cables, boost converter, generator, rectifier, motor, and inverter. To identify a superior configuration or voltage level, life cycle costs were calculated based on the components required to execute simulated drive schedules. These life cycle costs include the initial manufacturing cost of components, fuel cost, and battery replacement cost over the vehicle life.