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Finite control set model predictive control is an emerging alternative in the control of power converters and drives. The method allows flexible control schemes with fast dynamics. However, the standard formulation of this type of controllers is based on a minimization of a single cost function. This optimization method requires weighting factors that depend on the system parameters and operating point. The calculation of these factors is achieved through a nontrivial process. In this paper, a predictive torque and flux control of an induction machine drive fed by a three-phase two-level voltage source inverter is developed. The proposed strategy replaces the single cost function with a multiobjective optimization based on a ranking approach. This approach makes the tuning of weighting factors unnecessary for a correct operation. Simulation and experimental results on steady state and dynamic operation are presented to illustrate the good behavior of the drive.