This paper proposes a new structure of the dual-rotor hybrid-excited axial-flux permanent magnet vernier machine (DR-HEAFPMVM) with the modular stator and the consequent-pole PM (CPM) rotor for low-speed, high torque density applications such as in-wheel electric vehicles. The tooth-wound non-overlapping armature windings and direct current (DC) excitation windings are respectively arranged in stator main-teeth and split-teeth to obtain the modulated and adjustable air-gap flux densities, which result in the high torque density and outstanding flux-weakening capability. First, the design consideration, operation principle, and the air-gap flux density distributions of the proposed machine are elaborated based on the air-gap permeance function. Then, the influence of the pole ratios (PRs) and the DC excitation currents on the main electromagnetic performances of the DR-HEAFPMVM, such as the flux-weakening capability, back-electromotive force (back-EMF), on-load electromagnetic torque, loss distribution, and efficiencies, is investigated using the 3-D finite-element method (FEM). Results verify the feasibility of the flux adjustment of the DC excitation windings equipped in the split-tooth, and the design with a pole ratio of 8/1 tends to have higher torque density, higher machine efficiency, and considerable flux-weakening capability compared with the other two PRs.