This paper proposes and discusses a concept of a hybrid modulation for the control of modular voltage source inverters with coupled reactors. The use of coupled reactors as the integrating elements leads to significant reduction in the size and weight of the circuit. The proposed modulation combines novel coarsely quantized pulse amplitude modulation (CQ-PAM) and innovative space-vector pulse width modulation (SVPWM). The former enjoys very low transistor switching frequency and low harmonic elimination, while the latter ensures high resolution of amplitude control. The SVPWM is based on the use of barycentric coordinates. The feasibility of the proposed solution is verified by simulations and laboratory tests of a 12-pulse modular voltage source inverters with two-level and three-level component inverters.