A hybrid vehicle is provided that lowers the cost of series hybrid vehicles in order to make it easier for series hybrid vehicles to gain popularity. A hybrid vehicle equipped with an engine, a first rotary electric machine and a second rotary electric machine. The first rotary electric machine is coupled to the output shaft of the engine, while the second rotary electric machine is electrically coupled to the first rotary electric machine and coupled to the drive wheels of the vehicle. The maximum generated electric power of the first rotary electric machine is substantially equal to the maximum output power of the second rotary electric machine.