Hybrid electric vehicles (HEVs) offer an effective solution for emissions reduction and fuel energy savings. The pursuit of further improvements in their energy efficiency has led to the two fundamental optimization challenges of vehicle speed and powertrain energy management (EM), which are inherently coupled. This paper examines the vehicle speed and powertrain EM co-optimization problem for fuel economy for a series HEV following a prescribed route with expected traveling time. In order to overcome the computational burden of a large scale optimal control problem (OCP), this work presents a novel twostep optimal control strategy that suitably separates the cooptimization problem on the basis of involving the characteristics of the HEV powertrain power split and losses in the speed optimization step without an explicit use of a powertrain model. A benchmark method that simultaneously solves the optimal driving speed and the energy source power split is introduced, which is used to show the solution quality of the proposed approach. It is illustrated that the proposed method yields a driving speed solution close to the benchmark method, and additionally it outperforms the benchmark fuel economy, with much higher computational efficiency. The simplicity and effectiveness of the proposed two-step approach make it a practical and implementable EM control strategy.