A permanent magnet machine includes a stator configured to generate a stator magnetic field when excited with alternating currents and extends along a longitudinal axis with an inner surface defining a cavity, a rotor disposed inside said cavity and configured to rotate about the longitudinal axis, and a plurality of permanent magnets for generating a magnetic field, which interacts with the stator magnetic field to produce a torque. At least one of the plurality of permanent magnets has a light rare earth material including neodymium and praseodymium, and less than about 5 weight percent of a heavy rare earth material, wherein the weight percentage of neodymium is larger than the weight percentage of praseodymium but smaller than three times of the weight percentage of praseodymium.
STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH AND DEVELOPMENT
 This invention was made with Government support under contract number DE-EE0005573 awarded by U.S. Department of Energy. The Government has certain rights in the invention.