A novel winding type permanent magnet coupling (WTPMC) is proposed to work as an adjustable speed drive with slip power recovery function. As a kind of dual-mechanical-port electric machine with radial-flux configuration, the WTPMC consists of an outer rotor embedded with three-phase windings, an inner rotor populated with permanent magnets, and a slip power recovery circuit comprising a rectifier, a boost converter, and an ultracapacitor. The working principle of the WTPMC is presented, and its mathematical model is derived. To develop a WTPMC prototype for automotive applications, two-dimensional (2D) finite element analysis (FEA) is conducted using Ansoft Maxwell software to study the steady-state (constant slip speed) performance. For the experimental validation, the WTPMC prototype is manufactured and tested on a test bench. To show the accuracy of the 2D FEA, the computed results are compared with those obtained from experimental measurements. It is shown that the agreement between the 2D FEA and experimental results is good. Moreover, the WTPMC prototype can operate in the output speed range under different load torque conditions. The slip power recovery efficiency for the 2D FEA is 66.7%, while, for experimental measurements, it is 57.2%.