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This paper presents design and analysis results of a 2.6-kW interior permanent-magnet synchronous motor developed for an electrohydraulic power steering system. The motor was designed by using the proposed equivalent magnetic circuit model in consideration with a core loss. To analyze motor characteristics by using the equivalent magnetic circuit model, inductance and iron-loss resistance, which are affected critically by magnetic saturation, are obtained by using finite-element analysis. Finally, motor characteristics such as armature current, torque, and efficiency are calculated by the equivalent magnetic circuit model and verified by experimental results.