As described above, in the parallel step-up/step-down mode of the electric power converter 11, the on/off operations of the switching elements S1 to S4 are controlled in response to the logical addition of the PWM signal PWM1 for the first step-up/step-down circuit CNV1 and the PWM signal PWM2 for the second step-up/step-down circuit CNV2. When the falling edge of the PWM signal PWM1 and the rising edge of the PWM signal PWM2 are brought into coincidence with each other, the number of switching operations (the number of on/off switching operations) reduces, with the result that it is possible to reduce a switching loss.