A motor vehicle having an electric motor driving a permanent magnet power transmission connected to the gear box of the vehicle. The magnet power transmission has first and second disk assemblies. A copper member on the first disk assembly faces a plurality of permanent magnets located in bores in the second disk assembly. A control assembly operatively connected to the second disk assembly selectively moves the second disk assembly and magnets toward and away from the first disk assembly to vary the flux between the first disk assembly and second disk assembly.