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This research proposes a third-generation power control unit (PCU) for a two-motor hybrid system. To make a more compact intelligent power unit (IPU) to be located under the second seat, a PCU with a 12-volt DC-DC converter (DCDC) that mounts directly on the transmission was developed, whereas the DCDC was previously mounted within the IPU. Since this has a considerable impact on the engine room layout, the technology described below was used to make the PCU even more compact than the second-generation unit. The power module, a key component of the PCU, now uses Ag nanoparticles sintering bonding rather than conventional solder bonding. This helps lower thermal resistance and enables smaller power semiconductors. The voltage control unit (VCU) has a new circuit that uses a multi-stage switching circuit and electric power transfer capacitor instead of the conventional chopper circuit.