According to the different excitation methods, automotive eddy current retarders (ECRs) can be divided into electrically excited retarders (EERs) and permanent magnet excited retarders (PMERs), and EERs and PMERs have certain complementarity in control and braking characteristics. Therefore, based on literature research, this article proposes a hybrid excitation rotary electromagnetic retarder (HERER) and conducts numerical simulation analysis and experimental research on the braking performance of the HERER. Firstly, the structure and working principle of the HERER are introduced. Secondly, based on the principles of electromagnetics, an equivalent magnetic circuit analysis model of the HERER is established. Then, a finite element analysis model of the HERER is established using Jmag 14 electromagnetic simulation software, and the braking performance of the HERER under different current and speed conditions is studied. Finally, bench tests are conducted on the air loss torque and eddy current braking performance of the HERER. The effectiveness of the finite element analysis model and equivalent magnetic circuit model of the HERER is verified.