For raising an MG2 rotational speed MRN2 to a target rotational speed (low-gear rotational speed NLG), an output torque of an MG2 starts to increase at a time t4. During an inertia phase (period α), the output torque of the MG2 is limited not to exceed a first limit value TLIM1 determined according to a shift progress degree PRG and a second limit value TLIM2 determined according to a rotational speed margin NEmgn. Since the output torque of the MG2 is sufficiently small in a final stage of the inertia phase (period α), output variations occurring at a time t6 when torque down is performed on the MG2 can be small. The torque down of the MG1 and MG2 does not raise engine rotational speed NE.