This paper proposes an innovative next-generation wheel loader derived from a production series electric wheel loader by John Deere. The proposed wheel loader features a series hybrid electric powertrain with an energy storage system and an electrically-boosted turbocharged diesel engine. A detailed system design inclusive of powertrain configuration and control development including a novel heuristics-based vehicle power management is presented. A simulation model was created to evaluate the potential fuel savings of the proposed wheel loader, revealing a fuel saving potential of over 10% when compared to the baseline configuration. Subsequent in-field testing of an actual demo wheel loader verified its ability to achieve over 10% fuel savings, thereby confirming the simulation outcomes, demonstrating the promise of the proposed hybrid powertrain, and validating the efficacy of the control system developed in this research.