Permanent magnets with rare-earth material are used in interior permanent magnet synchronous generators (IPM generators) employed in the most popular hybrid electrical vehicles (HEVs). The remarkable recent rise in the rare-earth price is a significant concern. A switched reluctance generator (SR generator) is one of the possible candidates to replace the IPM generator in HEVs. A design and analytical results of an SR generator are presented. The diameter and the axial length of the stator are identical to those in the IPM generator. The IPM generator has been analyzed, and its target efficiency, output power and operating area have been investigated. The SR generator is found to be superior to the IPM generator in some operating points.