This paper proposes two novel traction motors with ferrite magnets for hybrid electric vehicles (HEVs), which have competitive torque density and efficiency as well as operating range with respect to a referenced rare earth magnet motor employed in the third-generation Toyota Prius, a commercialized HEV. The two proposed traction motors, named as dual stator radial flux permanent magnet motor (DSRFPMM) and dual stator axial flux permanent magnet motor (DSAFPMM), adopt the same design concept, which incorporates the unaligned arrangement of two stators together with the use of spoke-type magnet array and phase-group concentrated-coil windings for the purpose of increasing torque density and reducing torque ripple. A finite element method is utilized for predicting the main characteristics, such as back electromotive force, cogging torque, electromagnetic torque, iron loss, and efficiency in both of the proposed motors. Moreover, a comparative study between the proposed DSRFPMM and DSAFPMM is performed under the same operating condition. As a result, it is demonstrated that both of the proposed ferrite permanent magnet motors could be good alternatives for traction application, replacing the rare earth magnet motors.