A transmission with a common carrier planetary gear set is provided for a vehicle that has drive axle half shafts defining an axis of rotation, an electric motor/generator with a motor shaft parallel with the axis of rotation, either concentric with the axis of rotation or spaced therefrom, and a differential with a differential carrier connected with the drive axle half shafts. The planetary gear set has a first sun gear member continuously or selectively connectable with the motor shaft, first and second pinion gears, a carrier member rotatably supporting the first and the second pinion gears so that the first pinion gear meshes with the first sun gear member, and a ring gear member meshing with one of the pinion gears. The ring gear is connectable to a non-rotating housing. The carrier member is operatively connected with the differential carrier.