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We have developed permanent magnet assisted synchronous reluctance motor (SynR motor) using inexpensive permanent magnet (ferrite magnet) for a drive motor of an electric vehicle (EV) or a hybrid electric vehicle (HEV). The objective of this development is to reduce the motor cost by utilizing reluctance torque without using expensive magnet (NdFeB magnet). We confirmed the developed motor is applicable by the test result when the motor performance is adapted to the system specification with high speed. Such motor design and evaluation result will be introduced hereinafter. Further, in this paper, we also introduced the comparison with a switched reluctance motor (SR motor), which we have been developing separately.