This study elaborates upon a new modular split-tooth permanent magnet-assisted switched reluctance motor (MSTPM-SRM). In the proposed topology, the stator comprises six modular E-cores in which the middle poles are split into two teeth. Two permanent magnets (PMs) are placed between each module's middle and side poles. Primarily, the proposed topology is introduced. Next, the principle of operation of the proposed topology are elucidated, and the magnetic equivalent circuit analysis is adopted in order to validate the operational basics. It is proved that the embedded PMs significantly increase the air-gap's flux density and adjusts the poles' flux density. The flux density distributions, static, and steady-state characteristics of the proposed MSTPM-SRM motor and its PMless counterpart are extracted by utilising 2-D finite element analysis. It is illustrated that the average torque of the proposed MSTPM-SRM is dramatically increased compared to its PMless counterpart, especially at high excitation currents. Furthermore, the cogging torque analysis is done and it is shown that the proposed structure has approximately zero cogging torque. Finally, a prototyping version of the proposed motor is fabricated, and the experimental results are elicited. It is shown that the experimental results endorse the simulation results.