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This paper presents a parametric study focused on sizing of the power-train components and optimization of the power split between the engine and electric motor for minimizing fuel consumption. A scalable vehicle model based on a bi-level optimization framework is built to promote this study. The iterative plant-controller combined optimization methodology is adopted to optimize the key plant parameters and control strategy simultaneously. The design parameters can be altered within the design space randomly in the outer loop. Dynamic programming is applied to find the optimal control in the inner loop with a prescribed cycle. The results are analyzed, and the relationship between the key parameters and fuel cost illustrates that both optimal sizing and control can be achieved.