A two-speed transmission for a vehicle is provided including a planetary gear set selectively coupling an input shaft and an output shaft. The planetary gear set is configured to provide two forward gear ratios and neutral. The planetary gear set includes at least one sun gear, at least one pinion in meshing engagement with the sun gear, at least one ring gear meshingly engaged with the pinion, and a carrier. The carrier supports the pinion and is connected to the output shaft such that rotation of the carrier drives the output shaft. The two-speed transmission also includes one or more elements that rotatably couple different combinations of the sun gear, the pinion, the ring gear, the input shaft, and the carrier with one another or a ground. Such elements may include combinations of clutches, brakes, and dog clutches.