You can do it all in one line for this particular scenario, assuming that 'color' and 'price' are constants.
car_list = [{'color': color, 'price': None} for color in color_list] See list comprehension - it's a powerful tool.
If you also had a list of prices, price_list, you could do something similar:
car_list = [{'color': color, 'price': price} for color, price in zip(color_list, price_list)] See the built in function zip().
If the strings 'color' and 'price' are unknown at the time of execution (which I think is unlikely), you could do something similar to the following
car_list = [{secuence[0]: color, secuence[1]: price} for color, price in zip(color_list, price_list)]