The high energy storage density of a Lithium-ion (Liion) cell makes it a good option for modern mobility system. To realize the economic, safe, and reliable utilization of the Li-ion battery pack under different dynamic conditions, the development of accurate Li-ion cell model is necessary for the behavioral analysis. Thevenin's Equivalent Electric Circuit (EEC) based cell model is considered in this simulation work. The focus of the paper is to model and simulate Thevenin's EEC-based Li-ion cell by applying the New European Drive Cycle (NEDC) current profile for Electric Vehicle (EV) applications. The simulation is carried out using both MATLAB/Simulink and Typhoon Hardware-In-The-Loop (HIL) software and resulted models of the cell from both the methods are graphically analyzed. The merits of HIL simulation approach over offline MATLAB/Simulink method are highlighted such as rapid prototyping and the minimum cost of experimental validation. This model-based design approach further saves time and increases the flexibility in subjecting the cell model to different dynamic environments during simulation, unlike MATLAB/Simulink simulation.