In this paper, a new hybrid permanent magnet variable leakage flux (VLF-HPM) motor is proposed. In order to enhance motor speed range, short arc-shaped and elliptical-shaped magnetic barriers are placed on the q-axis magnet circuit, realizing the so-called leakage flux effect. In addition, ferrite PMs are artfully designed, so self-leakage flux can be reduced while main flux is enhanced. The relationship among PM topology, flux barrier and flux-regulation capability are also investigated in detail. Finally, the electromagnetic performance of VLF-HPM motor is evaluated by the finite element analysis and compared with a conventional V-typed PM motor. It is noted that, compared with conventional V-typed PM motor, the VLF-HPM motor possesses lower core losses and a wider speed range, which offers a new research path for high-performance PM motor.