An electric motor has a stator and a rotor rotatably mounted in the stator. The stator includes a stator core and stator windings. A heat dissipating device is mounted around an outer surface of the stator core and configured to absorb heat there from. The heat dissipating device includes a base mounted around the stator core and a plurality of fins extending outwardly from the base in the radial direction. Electronic components are mounted on the heat dissipating device. A fan is mounted on a shaft of the rotor for generating a flow of air inside the stator and through slots between the fins to thereby cool the rotor, stator core, stator windings and electronic components.