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This paper presents a detailed analysis of the use of a novel Harmonic Mitigation algorithm for Cascaded H-Bridge Multilevel Inverter in electrical drives for the transportation field. For this purpose, an enhanced mathematical model of Interior Permanent Magnet Synchronous Motor (IPMSM), that takes into account simultaneously saturation, cross-coupling, spatial harmonics, and iron loss effects, has been used. In detail, this model allows estimating accurately the efficiency and the torque ripple of the IPMSM, crucial parameters for transportation applications. Moreover, two traditional pulse width modulation strategies, Sinusoidal Phase-Shifted and Switching Frequency Optimal Phase-Shifted have been considered for comparison purposes with an optimized harmonic mitigation algorithm. Thus, this work provides a deep analysis of IPMSM drive performance fed by CHBMI, paying attention to various aspects such as the IPMSM efficiency, torque ripple, current, and voltage total harmonic distortion (THD). Finally, experimental investigations have been carried out to validate the analysis conducted.