In recent years, with developing technology in the field of electrical machines, more efficient and high power density electric motors have been produced. The use of high energy efficiency motors gains importance due to the increase in global energy demand. The main purpose of this study was to design an Axial Flux Induction Motor (AFIM) with the same efficiency class as the Radial Flux Induction Motor (RFIM) in premium efficiency (IE3) class which is used commonly in industrial applications. Various AFIMs are designed with different rotor slot numbers and performance analyses as efficiency and torque ripple changes are investigated. It is known that torque ripple is one of the key parameters in electrical machine design which should be kept as low as possible without decreasing efficiency and torque. Accordingly, AFIMs’ rotor slots are skewed considering the stator and rotor slot numbers. The use of a Soft Magnetic Composites (SMC) material in design is also investigated. As a result of the analyses, many premium efficiency classes for AFIMs are obtained. In addition, using SMC material and skewing the rotor slots provides that torque ripples be reduced.