Ferrari’s first ever electric car sold for record $40m at auction

Ferrari's inaugural electric vehicle, the Luce, has been auctioned off for a record-breaking $40 million at a charity event, setting a new benchmark for a new car sold at auction. The RM Sotheby's sale in California exceeded expectations by raising over 35 times the typical price of a Ferrari Luce. The auction house reported that the "first production chassis" boasts a distinctive finish and custom-made components.

The Luce, conceived by iPhone designer Sir Jony Ive, faced criticism upon its debut in May for deviating from Ferrari's classic designs and for its electric nature and five-seater configuration. Sotheby's disclosed that all proceeds from the sale will be granted to the Ferrari Foundation's educational programs, but they did not reveal the identity of the buyer.

The unveiling of the Luce is considered one of the most significant car launches in recent times, marking Ferrari's first venture into the electric vehicle (EV) market, which is primarily ruled by Tesla and Chinese manufacturers. The Italian President and the Pope were among the invited guests to view the luxury brand's new vehicle.

However, Ferrari's shares plummeted the day after the Luce's launch due to the backlash against the car. Among the critics were Italy's deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who deemed the car "risking the destruction of a legend." Ferrari's chief design officer Flavio Manzoni, in an interview in May, stated that critics are a part of the innovation process and that he believed people would eventually appreciate the Luce.

The company has not disclosed its sales goal for the Luce, but according to a Financial Times report, they have achieved their goal for the year due to strong demand from China. Ferrari has not commented on the FT's report regarding sales targets. Sotheby's emphasized that the auctioned vehicle presents a "once-in-a-lifetime opportunity" to own the first production car of the Luce.

The vehicle features specialized wheels, customized brakes, and a white exterior. The charity sale is described by Sotheby's as a "concrete manifestation of innovation, responsibility, and a long-term vision for future generations." Ferrari cars are known to fetch some of the highest prices at car auctions. A bespoke Ferrari Daytona SP3 supercar sold for $26 million in 2025, breaking the previous record for the highest price paid for a new car.

The current record for the highest price paid at auction is $142 million, set for a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé in 2022.