The powertrain of a motor vehicle driven by an electric motor has three interconnected planetary gear sets having an input through the sun gear of the first planetary set and output through the carrier of the third planetary gear set to a transaxle differential. Brakes and clutches operating in conjunction with the ring gear of the first planetary set and carriers of the second and third planetary sets provide two speed ratios. For reverse drive the same brakes are applied as in the first gear ratio and the motor is driven in reverse.