In this study, low speed and high torque permanent magnet synchronous motors (PMSM) used in elevator applications are investigated. Better motor design solutions are proposed by using the analytical calculations, the finite element method based simulations. Firstly, a permanent magnet synchronous motor having 60 slots 16 poles (already in the market) for an eight- person elevator which is operating at a speed of one meter per second is analyzed by using the simulation and experimental results. The simulations of the motors having 48 and 54 slots are performed as the next step. Different types of motors have been analyzed in terms of current, voltage, harmonic components, moment and efficiency characteristics. In the view of these results, the most suitable motor is prototyped considering the cost and the relevant standards for the elevator applications. The proposed new motor with 54 slots shows a better performance due to its simulation and test results by increased efficiency and decreased the size, volume and weight. This is valid even though better permanent magnets are preferred. In addition, the stack length of the new motor is reduced by 20% and this output is very important especially for elevator applications.