This document compares different multilevel inverter topologies for induction motor drive applications. It proposes a new multilevel inverter topology that requires fewer switches and separate DC sources than conventional cascaded H-bridge multilevel inverters. The proposed topology is able to generate 13 voltage levels using only 7 switches and 3 DC sources in asymmetrical configuration, compared to 24 switches and 6 DC sources for a conventional cascaded H-bridge design. MATLAB simulations show the induction motor driven by the proposed 13-level inverter has reduced torque and speed ripples compared to conventional designs. Total harmonic distortion is also reduced at 13.94% for the proposed design.