This paper presents a single-objective function optimization method for the optimal sizing and cost of a hybrid energy storage system (HESS) that integrates lithium-ion batteries (LIB) and supercapacitors (SC) for electric vehicle (EV) applications. The study introduces a comprehensive framework for EV modeling, incorporating simulated EV data to enhance accuracy. A key achievement involves adapting the modified–WLTC driving cycle, iteratively employed in EV simulations to accurately capture the spectrum of power and energy profiles within the designated range, ensuring adherence to BMW-i3's top speed requisites. The proposed method's validity is established by comparing optimization results using Particle Swarm Optimization (PSO) and Firefly Algorithm (FA), indicating comparable HESS sizing and cost outcomes. Notably, the PSO algorithm demonstrates superior accuracy and computational efficiency. Through PSO, the optimal LIB-SC HESS weight is determined at 160 kg with an optimal cost of $27,660, while FA yields 161 kg and $28,270, surpassing LIB-Only EV models by approximately 21 % in improved sizing. This research significantly contributes by establishing a robust EV modeling paradigm, employing simulated data for optimization, and successfully implementing PSO to determine optimal HESS parameters, advancing the field of efficient EV energy storage and promoting cost-effective, sustainable electric transportation.