i ran a comparison for 10S vs 12S… 60a motor limit 60a battery limit for both…
the electrical to mechanical conversion efficiency in the motor doesn’t seem to be affected (green line top left chart)… but you lose a few miles an hour of top speed with 10S.
system-wide it would appear you may lose a little bit of efficiency with 10S because, as seen in the bottom right chart, at 10S you have to draw a few more amps from the battery at all speeds to maintain the same 60a motor amp limit in the motor, and consequently you generate a bit of extra heat in the battery wires with 10S compared to 12S, lowering the system-wide efficiency.