Vehicle handling in steady-state and transient conditions can be significantly enhanced with the continuous modulation of the driving and braking torques of each wheel via dedicated torque-vectoring controllers. For fully electric vehicles with multiple electric motor drives, the enhancements can be achieved through a control allocation algorithm for the determination of the wheel torque distribution. This article analyzes alternative cost functions developed for the allocation of the wheel torques for a four-wheel-driven fully electric vehicle with individually controlled motors. Results in terms of wheel torque and tire slip distributions among the four wheels, and of input power to the electric drivetrains as functions of lateral acceleration are presented and discussed in detail. The cost functions based on minimizing tire slip allow better control performance than the functions based on energy efficiency for the case-study vehicle.