A vehicle driveline component having a housing, first and second shafts supported by the housing for rotation about a rotary axis, a two-speed transmission in a power transmission path between the first and second shafts, a shift fork and a failsafe spring. The two-speed transmission has a movable member that is movable along the rotary axis between a high-speed position, in which the two-speed transmission operates in a first gear ratio, and a low-speed position in which the two-speed transmission operates in a second gear ratio that provides a higher speed reduction between the first and second shafts than the first gear ratio. The shift fork is coupled to the movable member for movement therewith along the rotary axis. The failsafe spring is disposed coaxially about the rotary axis and biases the movable member toward the high-speed position.