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This paper deals with a part of the French project TRAX, whose aim is to develop a generation of direct drive electric motorization for “all electric” vehicles. The two objectives of this project are: to design an innovative axial flux permanent magnet motor (AFPMM) and industrially feasible in series, to use an analytical model (AM) based on reluctances networks (i.e., a Magnetic Equivalent Circuit M.E.C.) in order to design an optimal electric motor. The magnetic leakage between the magnets is modelized and the analytical results are compared to those of 2D and 3D FEM models.