Flux‐switching permanent magnet (FSPM) machine attracted a great deal of attention for industrial applications owing to its high efficiency and high torque/power densities. However, on the downside, it suffers from high cost of rare‐earth permanent magnets (REPMs). Although employing ferrite magnets remarkably reduces the cost of material, ferrite magnet lower energy product will negatively affect the electromagnetic performance of this machine. As a solution, the double‐stator flux‐switching permanent magnet (DSFSPM) machine has been presented in this paper to improve the electromagnetic performance of a conventional ferrite based FSPM counterpart. In this regard, a new analytical approach followed by a brief discussion of the influence of rotor pole number on the electromagnetic performance of two DSFSPM machines with 10‐ and 14‐pole rotors are studied. It is shown that 12/14 DSFSPM machine with ferrite magnets generates almost 30% more developed torque than the other with 10‐pole rotor. Then, a comprehensive comparison on the electromagnetic performances of a 12/14 DSFSPM machine with ferrite magnets, and two 12/14 FSPM machines with REPMs and ferrite magnets are investigated by finite element method. Besides, a cost study highlights the monetary beneficial of the proposed 12/14 DSFSPM machine for the competitive EVs market. Furthermore, a laboratory scale 12/14 DSFSPM machine is designed based on analytical approach, optimized by Taguchi optimization method, and experimentally tested to validate both analytical and FEM results.