Ferrari’s first electric car sells for record US$40 million despite design backlash

The one-off Ferrari Luce, created by former Apple designer Jony Ive, emerged as the most expensive new vehicle ever sold at auction, garnering a record US$40 million during Monterey Car Week. This groundbreaking electric vehicle was auctioned off by Sotheby's to an undisclosed buyer at the prestigious California event, according to the auction house.

Created for the charity wing of Ferrari, the Luce was unveiled in May and has sparked a design backlash among fans and investors. The Luce's unusual five-seat, battery-powered design diverged significantly from Ferrari's traditional aesthetics, leading to considerable controversy. The vehicle's auction price significantly surpassed initial estimates of US$1.1 million, setting a new record for a new car purchase, surpassing the US$26 million paid for a single Ferrari Daytona SP3 at the previous Monterey event.

Ferrari's first electric vehicle still falls short of the overall auction record, which was achieved by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe in 2022. Ferrari expressed the sale as "outstanding" and pledged that all proceeds would be directed towards its educational foundation. Following the Luce's reveal, Ferrari's shares saw a full recovery but dipped more than 8% the day after the launch.

The company's chief marketing officer left shortly after the Luce's unveiling, although his departure and subsequent hiring of a former BMW executive had been pre-planned. Despite the controversy, Ferrari managed to meet its 2026 sales goal for the Luce. Industry insiders revealed that the company had targeted around 500 units for sale this year.

The Luce's auction price in California is expected to spur collectors, according to analysts. In a note to clients, Jefferies analyst James Grzinic hailed the Luce's first auction as a "remarkable success," stating that although this was a one-off vehicle, "collectors will certainly take note." The Italian luxury automaker became the sole European automaker to increase its full-year guidance last month, with its order book secured for the entire year of 2027 as it rides a wave of hyper-personalization.