A synchronous homopolar motor (SHM) has a salient pole passive rotor, an excitation winding located on the stator, and no permanent magnets, which ensures high reliability and makes this type of motor a good alternative to motors traditionally used in traction drives. However, there is no comparison between SHMs and conventional brushed synchronous machines for traction applications in the literature. In this paper, the performances of a wound rotor synchronous machine (WRSM) and SHM are theoretically compared at the operating points of a 370 kW dump mining truck drive traction curve that has a 10:1 constant power range in the field weakening region. The nine-phase motors under comparison have the same outer diameter of the stator lamination. Before comparison, both motor designs are optimized using the Nelder–Mead method to minimize the semiconductor inverter rated current and the operating cycle power loss. The main advantages of the WRSM, which was designed, are reduction in stator length, smaller losses, and smaller inverter. The reduction in the total stator length was by 1.23 times taking into account the winding end parts as well. Losses were reduced by 1.21 times for the same radius of the stator lamination. Finally, the cost of power modules of the inverter was decreased by 1.4 times. SHM is more reliable since its rotor does not have an excitation winding and a diode rectifier, as in a WRSM with a brushless exciter. In addition, SHM provides lower consumption of copper, which reduces the total mass and cost of active materials. This article also introduces a new term, “inverter utilization factor”, which can be useful, more informative than motor power factor, when comparing traction drives with different types of motors.