This paper proposes two different low-cost ferrite solutions: first a V permanent magnet assisted synchronous reluctance rotor (VPMSynRM) and the second a permanent magnet synchronous rotor with flux concentrator (PMSM-FC) as an alternative solution to the rare earth inserted tangential permanent magnet synchronous motor (PMSM). Finite element (FEM) approach has been utilized to show the performance of the proposed rotors. The purpose of the proposed solution is to replace only the rotor of such a PMSM that is already in production, so the size of the stator and the number of windings will remain unchanged. The motivation of this study is to reduce the cost of the rotor by changing the type of PM and by the choice of suitable rotor geometry.