A model of a series HEV (Hybrid Electric Vehicle) including resistive losses in the energy storage and varying engine and generator efficiency is presented. The purpose is to study how system properties affect the optimal control of series HEVs. We show that there is an inherent trade-off in the control of such a system, based on the characteristics of the efficiency curve of the EGU (Engine and Generator Unit) together with the energy storage internal resistance, capacitance and energy level. The relation between these properties determines the optimal control of the EGU, and this is thus the mechanism behind all optimal control problems using a similar model setup. We illustrate our reasoning using deterministic dynamic programming where system properties are varied and the optimal control is studied.