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Simulation tools for hybrid electric vehicles (HEVs) can be classified into steady-state and dynamic models, according to their purpose. Tools with steady-state models are useful for system-level analysis. The information gained is helpful for assessing long-term behavior of the vehicle. Tools that utilize dynamic models give in-depth information about the short-term behavior of sublevel components. In this paper, a dynamic model of a hybrid electric vehicle that includes fuel cells, batteries, ultracapacitors, and induction machine drives is presented. Simulation results of vehicle configurations with a battery, a fuel cell-battery combination and a fuel cell-ultracapacitor combination are discussed. The focus of the model is a detailed assessment of different subsystem components, particularly component losses.