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Electric vehicles have the advantage of regenerative braking in which the electric motor can be used as a generator to convert the kinetic energy of a moving vehicle into electrical energy during the braking process. The purpose of this study is to determine the effect of vehicle inertia on the voltage and electrical power profiles at the ultracapacitors as the energy storage system (ESS) and the vehicle speed during the motoring and the generating modes. In this study, an induction motor is used. The combination of regenerative and mechanical braking systems is regulated by the control logic to meet the drivers request. The mathematical model of a regenerative parallel braking system is coded in MATLAB/Simulink. The simulation results show the profiles of electric power flow, energy flow, mechanical braking torque, braking torque by the motor, and the State of Charge (SOC) of the ultracapacitor stacks.