The use of a cobalt-iron (VaCoFe) core is investigated as an alternative to silicon-iron (FeSi) in the design of interior permanent magnet synchronous motors (IPMSM). Considering VaCoFe and FeSi cores, a spoke-type IPMSM geometry is optimized for a torque range up to 40 N·m, providing a general comparative analysis between materials. This is done considering the application of a four-motor competition vehicle’s powertrain. VaCoFe allows an estimated increase of up to 64% in torque for the same efficiency level, or up to 5% in efficiency for the same torque.