This paper uses formal mathematical optimization techniques based on parametric finite-element-based computationally efficient models and differential evolution algorithms. For constant-power applications, in the novel approach described, three concurrent objective functions are minimized: material cost, losses, in order to ensure high efficiency, and the difference between the rated and the characteristic current, aiming to achieve very high constant-power flux-weakening range. Only the first two objectives are considered for constant-torque applications. Two types of interior permanent magnet rotors in a single- and double-layer V-shaped configuration are considered, respectively. The stator has the typical two slots per pole and phase distributed winding configuration. The results for the constant-torque design show that, in line with expectations, high efficiency and high power factor machines are more costly, and that the low-cost machines have poorer efficiency and power factor and most importantly, and despite a common misconception, the saliency ratio may also be lower in this case. For constant-power designs, the saliency ratio can be beneficial. Nevertheless, despite a common misconception, when cost is considered alongside performance as an objective, a higher saliency ratio does not necessarily improve the power factors of motors suitable for ideal infinite flux weakening
