Variable flux motors with adjustable magnetic flux have been gaining attention because of their capability to simultaneously achieve a high torque density and high efficiency. In addition, the output power characteristic, which is related to acceleration performance, in high-speed areas is important in traction applications. However, typical traction motors have lower output power in high-speed areas. In this paper, a Hybrid-Excitation Variable Flux Memory Motor (HE-VFMM) is therefore proposed to enhance output power characteristics under six-step operation mode in high-speed area. The proposed HE-VFMM can perform magnetic flux adjustment with two components: field winding and variable flux permanent magnet (VPM), thus dramatically increasing flux adjustment range. The simulation results show the proposed HE-VFMM achieves 23.7% higher output power at 17,000 rpm than that of an existing traction motor in Prius 4th generation that has the same size while maintaining high efficiency in the frequently used operating area. Additionally, it was found that variable magnetic flux is very effective in enhancing the output power, especially in the high-speed region because the magnetic saturation in the stator core is mitigated by fieldweakening control. Consequently, as the rotational speed increases, an increase ratio of the output power caused by the adjustable magnetic flux becomes higher. This paper shows that the proposed HE-VFMM is an effective method for improving the problem of low output power in high-speed regions in traction motors.