Synchronous Reluctance Machines (SRMs) have been gaining considerable research interest recently because of the absence of the permanent magnets (no rare-earth materials), their robust construction and high partial load efficiency. Their inherently lower torque density compared to permanent magnet synchronous machines remains a challenge. However, adopting an axial flux topology could potentially improve this feature. This paper analyzes the properties of the axial flux configuration and compares them with those of the traditional radial flux topology for synchronous reluctance machines used in electric vehicles. The paper focuses on the differences in the torque-production, in the efficiency, in the torque densities and in the weight and the physical dimensions. Additionally, this paper examines the material costs for the two machine types and investigates their predicted future prices to determine the more cost-effective solution for electric vehicle applications. Simulation investigations will be carried out to examine these properties. It will be shown that the axial flux topology is an attractive alternative to the nowadays widely used radial flux one in the case of synchronous reluctance machines of electric vehicles.