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Doubly salient permanent-magnet (DSPM) motors offer the advantages of high power density and high efficiency. In this paper, it is examined that the DSPM motor is a new class of fault-tolerant machines, a potential candidate for many applications where reliability and power density are of importance. Fault analysis is performed in a DSPM motor drive, including internal and external faults. Due to the fact that the experimentation on a true motor drive for such a purpose is impractical because of its high cost and difficulty to make, a new cosimulation model of a DSPM motor drive is developed using coupled magnetic and electric circuit solvers. Last, to improve the performance of a DSPM motor drive with an open-circuited fault, a fault compensation strategy is proposed. Simulation and experimental results are presented, showing the effectiveness of the proposed cosimulation method and the high performance of the fault-tolerant characteristic of DSPM motor drives.