This paper describes the development of a model to evaluate stator winding and air gap eccentricity faults for a Permanent Magnet-Assisted Synchronous Reluctance in an electric vehicle. Thanks to Finite Element Analysis under healthy and faulty cases with different severity levels, accurate expressions of the inductances can be obtained considering magnetic saturation and slotting effects. Then a physics-based (analytical) model of the motor is derived. This analytical model can be used to simulate the closed-loop electrical vehicle powertrain and analyze the fault signatures for several operating points. Thanks to this model, simulation results have shown that fault features can be extracted and analyzed for fault detection and diagnosis from the already available stator phase currents despite the operation of the controllers.