Hydroforming of sheet metals involves elastoplasticity and frictional contact, which can be modeled by an evolutionary quasi-variational inequality (EVI). The aim is to control the blank holder force and the fluid pressure in such a way that no damages occur during the forming process and that the final shape of the sheet metal product coincides with the desired geometry. The resulting optimization problem is a challenging infinite dimensional MPEC, which leads after discretization to very large scale problems. We consider the modeling of the optimization problem, a semismooth FE-discretization of the EVI and discuss model reduction techniques to reduce the complexity of the discretized EVI. Moreover, we show optimization results for a 3D hydroforming process based on the full FE-discretization, evaluate the accuracy of the reduced order model and discuss a strategy towards an efficient reduced order model based optimization approach.