The surge in environmental and energy concerns has spurred the adoption of Electric Vehicles (EVs), which are rapidly advancing despite various challenges. Key obstacles include the need to improve driving range, battery longevity, and power capacity. To tackle these issues, this thesis investigates the performance of EVs equipped with a Hybrid Energy Storage System (HESS) that combines Li-ion batteries and Ultracapacitors (UCs). A comprehensive model of various system components for a 3-wheeled Electric Vehicle (EV), based on the Indian Driving Cycle (IDC), is presented to assist in sizing the Energy Storage System (ESS). Efficient energy management control is essential for regulating power flow according to the drive cycle's load requirements. This necessitates a robust control design capable of accommodating real-time load fluctuations by regulating power flow from hybrid sources. The thesis proposes a hybrid control strategy integrating filtering and fuzzy rule-based techniques for effective power flow regulation. Results regarding various performance metrics, including battery stress factor, UC state-of-charge (SOC) difference, energy consumption rate, system efficiency, and speed profile tracking, demonstrate the satisfactory performance of the proposed control strategy. Voltage imbalance issues in series stacking of UCs are addressed by increasing the conversion gain of MMCC. The selection of conversion gain involves balancing UC capacitance, the number of parallel stacks, and cost considerations. The thesis provides detailed guidelines for determining the optimal voltage gain of MMCC, considering these factors. Additionally, a failure mode analysis of the MMCC converter highlights its performance under fault conditions. A comprehensive comparative study of EVs employing Battery Energy Storage Systems (BESS) and hybrid energy storage systems is presented to elucidate the advantages of HESS. Economic feasibility assessments of BESS and HESS underscore the effectiveness of Li-ion battery/UC HESS