A new type of transportation vehicle, the maglev car, is gaining attention in the automotive and maglev industries due to its potential to meet personalized urban mobility and future travel needs. To optimize the chassis layout of maglev cars, this paper proposes a compact powertrain integrating electrodynamic suspension with in-wheel motor technology, in which a permanent magnet electrodynamic in-wheel motor (PMEIM) enables integrated propulsion and levitation. First, the PMEIM external magnetic field distribution is characterized by analytical and finite element (FEM) approaches, revealing the magnetic field distortion of the contactless powertrain. Subsequently, the steady-state electromagnetic force is modeled and the operating states of the PMEIM powertrain are calculated and determined. Next, the PMEIM electromagnetic design is conducted, and its electromagnetic structure rationality is verified through magnetic circuit and parametric analysis. Finally, an equivalent prototype is constructed, and the non-contact electromagnetic forces of the PMEIM are measured in bench testing. Results indicate that the PMEIM powertrain performs propulsion and levitation functions, demonstrating 14.2 N propulsion force and 45.8 N levitation force under the rated condition, with a levitation–weight ratio of 2.52, which hold promise as a compact and flexible drivetrain solution for maglev cars.