**Ferrari's First Electric Car Fetches Record $40 Million at Auction**
In a landmark event for the automotive industry, Ferrari's inaugural all-electric vehicle, the Ferrari Luce, has been sold for a staggering $40 million (£29.5 million) during a charity auction held by Sotheby's in California. This sale not only marks a significant milestone for the iconic Italian car manufacturer but also sets a new record for the highest price ever paid for a new car at auction.
The Ferrari Luce, which was launched in May, is a special edition model that features a unique finish and bespoke components, distinguishing it from standard production vehicles. The auction price exceeded 35 times the typical market value of a Ferrari Luce, highlighting the vehicle's exclusivity and the demand for unique collector's items.
Designed by renowned industrial designer Sir Jony Ive, best known for his work on the iPhone, the Luce represents Ferrari's entry into the electric vehicle (EV) market, a sector increasingly dominated by companies like Tesla and various Chinese manufacturers. The unveiling of the Luce was met with mixed reactions; while it was celebrated as a significant innovation, it also faced criticism from traditionalists who felt it strayed too far from Ferrari's classic design ethos and brand identity. Critics pointed out that the car's five-seat configuration and battery-powered nature were departures from the brand's storied history.
Despite the backlash, the Luce's auction was framed by Sotheby's as an "unbeatable opportunity" for collectors and enthusiasts alike. The auction house emphasized that all proceeds from the sale would be donated to the Ferrari Foundation, which supports educational programs. This charitable aspect of the sale was highlighted as a demonstration of innovation and responsibility, reflecting Ferrari's commitment to future generations.
The identity of the buyer has not been disclosed by Sotheby's, which has been contacted for further details. The auction garnered significant attention, with notable figures including Italian President Sergio Mattarella and Pope Leo being invited to view the vehicle prior to its sale.
The Luce's launch was one of the most anticipated events in recent automotive history, but it also had repercussions for Ferrari's stock. Following the unveiling, the company's shares experienced a decline, a response attributed to the criticism surrounding the vehicle's design and concept. Former Ferrari chairman Luca Cordero di Montezemolo and Italy's Deputy Prime Minister Matteo Salvini were among those who publicly expressed their reservations about the Luce.
In comparison, a bespoke Daytona SP3 supercar previously auctioned in 2025 raised $26 million for Ferrari's educational initiatives, setting a record at that time. The recent auction of the Luce has significantly surpassed that figure, underscoring the evolving landscape of luxury automotive sales and the growing interest in electric vehicles.
As Ferrari continues to navigate the challenges of modern automotive trends, the Luce stands as a symbol of the brand's attempt to innovate while maintaining its prestigious heritage. The record-setting auction not only reflects the car's unique attributes but also signals a shift in consumer interest towards electric vehicles in the luxury segment. The future of Ferrari in the EV market remains to be seen, but the successful sale of the Luce indicates a strong potential for growth and adaptation in a rapidly changing industry.