This study analyzes the influence of energy management strategies and different lithium-ion battery technologies on the life cycle costs of railway projects involving hybrid diesel-electric multiple units. Three lithiumion battery technologies and five energy management strategies are proposed and compared in terms of acquisition, operation and maintenance costs. For each sensitivity case, an approach for the optimal sizing of the diesel generator and lithium-ion battery is also proposed. The results show that potential savings of 15.1% on the life cycle costs compared to a traditional diesel-electric multiple unit can be obtained with a global optimization-based energy management strategy and integrating LTO batteries.