An electric motor comprising a rotor, a stator and a field weakening device. The rotor has a plurality of magnets mounted thereto, and the stator is located adjacent to the rotor and has a plurality of slots defined therein. The slots define raised teeth and are wound with electrical wiring to generate a magnetic field when the wiring is energized with current. The field weakening device is made from a highly magnetically permeable material and a comparatively lower magnetically permeable material. The field weakening device is disposed between the rotor and the stator and is selectively movable between a first position to align the highly magnetically permeable material between the teeth of the stator and the magnets of the rotor and a second position to align the comparatively lower magnetically permeable material between the teeth of the stator and the magnets of the rotor.