The rapid development of electromobility is placing ever higher demands on new electric motor designs. This results in a gradual reduction in weight with a simultaneous increase in maximum torque. As a result, unfavorable phenomena, such as vibration and noise, can become apparent in the drivetrain. Modeling and evaluation of the acoustic noise sources of a traction motor are particularly important when it is used, for example, as the traction drive of an electric bus, where too high noise levels can have a negative impact on passengers. This article describes methods for analyzing and evaluating the root causes of noise that occurs in permanent magnet traction motors with a rotor in which the magnets have been placed inside the rotor (PMSM IPM). This paper presents an analysis of acoustic noise and forces acting in the air gap of a 240 kW motor with 60 stator slots and 2p = 10 (s60p20) as the number of pole pairs designed for bus and truck drives. To determine the dominant noise sources and evaluate their value, the forces acting in the air gap and their effect on the deflection of the outer surface of the stator yoke were calculated. The natural frequencies of the machine, their frequencies for the entire rotor speed range, and the frequency of vibration of the motor stator were calculated. Based on these data, the sound power level (A-SWL) was calculated at varying motor speeds. MANATEE software (EOMYS, 9, avenue de la Créativité, 59650 Villeneuve d’Ascq—FRANCE) from EOMYS was used to perform vibroacoustic calculations. The analysis results were also subjected to verification on a laboratory bench.