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This paper introduces a new method for calculating the power factor and output torque by considering the cross saturation between direct-axis (d-axis) and quadrature-axis (q-axis) of an interior permanent magnet synchronous motor (IPMSM). The conventional two-axis IPMSM model is modified to include the cross saturation effect by adding the cross-coupled inductance terms. This paper also contains the new method of calculating the cross-coupled inductance values as well as self-inductance values in d- and q-axes. The analyzed motor is a high-speed brushless field excitation machine that offers high torque per ampere per core length at low speed and weakened flux at high speed, which was developed for the traction motor of a hybrid electric vehicle.