This document presents a new design method for a low-speed torus type axial flux permanent magnet machine intended for hybrid electric vehicle applications. A torus-NS type machine structure with a coreless stator is selected to reduce losses and volume. A multi-speed design strategy is proposed and analyzed using finite element analysis. This method aims to improve machine efficiency over the vehicle's operating cycles. Both multi-speed and single-speed designed machines are simulated in urban and highway cycles, showing better performance from the multi-speed designed machine. Experimental results from a prototype confirm the analytical design method.