An electric machine produces motor torque having continuously variable magnetic and reluctance torque components. The electric machine includes stator and rotor assemblies. Different ends of the rotor hub have different average magnetic field strengths, with the second field strength at one end being weaker than the other. The rotor hub translates along the rotor shaft to vary the magnetic and reluctance torque components at different speed and torque operating points of the electric machine. A vehicle includes the machine, a transmission, a load, and a controller executing a method for controlling the axial position of the rotor hub. The method may include determining the speed and a torque of the electric machine, determining a corresponding desired axial position of a rotor hub, and translating the rotor hub to the desired axial position.