We explore amorphous soft-magnetic alloys as candidates for electric motor applications. The Co-rich system combines the benefits of low hysteretic and eddy-current losses while exhibiting negligible magnetostriction and robust mechanical properties. The amorphous precursors can be devitrified to form nanocomposite magnets. The superior characteristics of these materials offer the advantages of ease of handling in the manufacturing processing and low iron losses during motor operation. Co-rich amorphous ribbons were laser-cut to build a stator for a small demonstrator permanent-magnet machine. The motor was tested up to 30,000 rpm. Finite-element analyses proved that the iron losses of the Co-rich amorphous stator were 80% smaller than for a Si steel stator in the same motor, at 18,000 rpm (equivalent to an electric frequency of 2.1 kHz). These low-loss soft magnets have great potential for application in highly efficient high-speed electric machines, leading to size reduction as well as reduction or replacement of rare earths in permanent-magnet motors. More studies evaluating further processing techniques for amorphous and nanocomposite materials are needed.