A two-speed transmission having two clutches includes an electric motor, a middle shaft, a first clutch, a second clutch, a first gear assembly and a second gear assembly. The electric motor includes a spindle. The first clutch and the second clutch are furnished on the middle shaft coaxially. The first gear assembly and the second gear assembly are coupled to the first clutch and the second clutch through a first shaft portion and a second shaft portion of the middle shaft to generate a first gear ratio and a second gear ratio, respectively. When the first clutch is activated to connect with the first shaft portion, the second clutch separates from the second shaft portion, so that the electric motor outputs a first torque corresponding to the first gear ratio through the first gear assembly. Similarly, the electric motor outputs a second torque corresponding to the second gear ratio.