The present research focuses on the development of a multifunctional wheel-embedded assembly for electrically powered vehicles. It must perform the core functions of a road-going vehicle—propulsion, braking, steering, and suspension—with all functional mechanical elements within the wheel envelope. The originality of the research lies in the integration of all aforementioned functions at once. The proposed concept exhibits two off-center electric motors, sliding pillar-type suspension with direct-drive steering at the top, and braking is achieved by means of a conventional disk and caliper assembly, but servohydraulically actuated with magnetically actuated parking brake. It makes extensive use of geometric nesting and function sharing—the large transmission gear doubles as hub and wheel carrier, the suspension pillar is also used for steering torque transmission. Finally, the advantages and disadvantages of the proposed concept are addressed, as well as practical applications.