This paper presents a comprehensive evaluation of the performance of an interior permanent magnet (IPM) traction motor drive, and analyses the impact of different modulation techniques. The most widely used modulation methods in traction motor drives are Space vector modulation (SVPWM), over-modulation, and six-step modulation have been implemented. A two-dimensional electromagnetic finite element model of the motor is co-simulated with a dynamic model of a field-oriented control (FOC) circuit. For accurate tuning of the current controllers, extended complex vector synchronous frame current regulators are employed. The DC-link voltage utilization, harmonics in the output waveforms, torque ripple, iron losses, and AC copper losses are calculated and compared with sinusoidal excitation. Overall, it is concluded that the selection of modulation technique is related to the operating condition and motor speed, and a smooth transition between different modulation techniques is essential to achieve a better performance.