An electric machine including a rotor and an annularly-shaped first stator is provided. The rotor includes an annularly-shaped rotor body and permanent magnets positionally-fixed relative to the rotor body. The first stator includes circumferentially-spaced stator poles. The rotor and the first stator are concentric and axially-aligned relative to an axial centerline of the electric machine. Each of the permanent magnets creates a magnetic dipole. Each magnetic dipole extends along a dipole axis that passes through the respective permanent magnet. Each dipole axis extends in a first plane. The centerline of the electric machine extends in a second plane that is at least substantially perpendicular to the first plane. Each of the permanent magnets is positioned so that a magnet angle that is between 15° and 75° is defined between the respective dipole axis and a radial axis that extends between the respective permanent magnet and the centerline.