Variable Voltage Converter (VVC) is adopted in Power-Split structure of hybrid electric vehicles (HEVs) to optimize the Electric-Drive (e-Drive) system performance. With the wider availability of Silicon Carbide (SiC) power semiconductor for automotive applications, there are new opportunities to further optimize and improve performance of VVC, e.g. lower power loss, smaller size, and lighter weight, comparing to use traditional Silicon (Si) IGBT and diode. In this paper, a SiC based VVC is designed, prototyped, and evaluated. In order to maximize the benefits of SiC power devices in VVC application, each key component is carefully designed and selected, including SiC power module, power capacitor, and power inductor. The characterization and evaluation results demonstrate the benefits of advanced SiC devices in VVC design optimization, and such benefits quantified in this paper.