Interior permanent magnet (IPM) motors are widely used in electric vehicles (EVs), benefiting from the excellent advantages of a more rational use of energy. For further improvement of energy utilization, this paper presents an analytical method of d- and q-axis inductance calculation for IPM motors with V-shaped rotor in no-load condition. A lumped parameter magnetic circuit model (LPMCM) is adopted to investigate the saturation and nonlinearity of the bridge. Taking into account the influence of magnetic field distribution on inductance, the winding function theory (WFT) is employed to accurately calculate the armature reaction airgap magnetic field and d- and q-axis inductances. The validity of the analytical technique is verified by the finite element method (FEM).