An electric machine includes a plurality of magnets for generating a first magnetic field. A magnet holder retains the plurality of magnets. A first stator is disposed radially outward from the magnet holder for generating a second magnetic field. The first stator includes a plurality of stator poles separated by slots with each of the stator poles having a concentrated winding with a respective number of turns formed around each respective stator pole. A second stator is disposed radially inward from the magnet for generating a third magnetic field. The second stator has a plurality of stator poles separated by slots with each of the stator poles having a concentrated winding with a respective number of turns formed around each respective stator pole. The magnet holder and magnets retained therein are rotatable between the first stator and second stator.