Permanent magnet synchronous motor (PMSM) drives are effectively used in the application of electric vehicles (EVs) due to their ease of construction and simpler in operation. Model predictive control (MPC) is an efficient control strategy used in motion control applications. Predictive torque control (PTC) is a type of MPC that selects a suitable voltage vector (VV) from a set of 19 VVs in order to minimize the cost function. However, as the control variables in the cost function in PTC are distinct, a weighting factor is essential. The tuning of the weighting factor is a burdensome control process. To address the limitations, the proposed PTC (P‐PTC) removes the weighting factor by using two cost functions, thus reducing flux ripples and torque ripples. Firstly, the P‐PTC evaluates the torque cost function for 19 VVs, and the VV that gives less value of torque error is used to find the sector number. The sector number is used to choose the five VVs from that sector and evaluate flux cost function to get an optimal VV. Therefore, the P‐PTC give less ripples in torque and flux by enhancing steady‐state response. The effectiveness of the P‐PTC is validated through both simulation and experimentation for a 3.7 kW OEW‐IPMSM drive using d‐SPACE RTI1104 controller. The P‐PTC is also tested with a typical urban dynamometer drive cycle (UDDC) with rapid accelerations and decelerations to ensure its application in EVs using the OPAL RT 1250 controller.