During downshifting, a control for restricting an output of an engine to constantly maintain electric power balance between a first electric motor and a second electric motor or a control for suppressing a rate of increase in engine rotational speed by a control on the engine, such as ignition timing retardation control or fuel injection amount reduction control, is executed to thereby allow torque of the second electric motor to be reduced during downshifting. In addition, the engine rotational speed is decreased before downshifting, and, after the engine rotational speed is decreased to a rotational speed at which a protection control is not activated, an automatic transmission downshifts. With the above control, it is possible to suppress an increase in rotational speed of the second electric motor during downshifting. Thus, shift shock may be suppressed, and the friction material of the frictional engagement element may be protected.