Ferrari’s first electric car sells for record $40m

Ferrari’s debut electric vehicle, the Luce, has entered the history books after fetching $40 million (£29.5 million) at a charity auction in California, setting a record for the highest price ever paid for a new car at auction. The sale, held at RM Sotheby’s, raised more than 35 times the car’s usual price, with all proceeds donated to the Ferrari Foundation’s educational programs.

The Luce, designed by British iPhone creator Sir Jony Ive, represents Ferrari’s first step into the electric vehicle market. Its unveiling in May was one of the most anticipated launches in recent automotive history, but it also sparked controversy. Critics argued that the five‑seat, battery‑powered design strayed too far from Ferrari’s traditional identity. Italy’s deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo were among those who warned the car risked “destroying a legend.”

Despite the backlash, demand has been strong, particularly in China. According to reports, Ferrari has already met its sales target for the year. Chief design officer Flavio Manzoni defended the Luce, saying criticism is part of the innovation process and that appreciation for the car will grow over time.

The auctioned model featured bespoke parts, special wheels, customized brakes, and a unique white finish. Sotheby’s described the sale as an “unbeatable opportunity” to own the first production Luce, calling it a “tangible expression of innovation, responsibility, and long‑term vision for future generations.” The buyer’s identity has not been disclosed.

Ferrari’s entry into the EV market comes at a time when Tesla and Chinese manufacturers dominate the sector. The Luce’s record sale underscores both the prestige of the Ferrari brand and the appetite among collectors for landmark vehicles. While Ferrari’s share price dipped after the launch due to criticism, the auction result demonstrates the car’s symbolic value as a turning point in the company’s history.

Ferraris have long commanded extraordinary prices at auction. In 2025, a bespoke Ferrari Daytona SP3 raised $26 million for educational initiatives, setting a record at the time for a new car. The Luce has now surpassed that benchmark. However, the overall auction record remains with the ultra‑rare 1955 Mercedes‑Benz 300 SLR Uhlenhaut Coupé, which sold for $142 million in 2022.

The Luce’s sale highlights the tension between tradition and innovation at Ferrari. For decades, the prancing horse has been synonymous with roaring combustion engines and sleek two‑seat sports cars. The Luce challenges that image with its electric powertrain and family‑friendly design. Supporters argue that Ferrari must adapt to a changing automotive landscape, while critics fear the brand’s essence could be diluted.

For Ferrari, the Luce is more than just a car—it is a statement about the future. By combining cutting‑edge technology with charitable fundraising, the company has positioned its first EV as both a symbol of progress and a tool for social good. Whether the Luce will win over traditionalists remains to be seen, but its record‑breaking auction ensures it will be remembered as a milestone in Ferrari’s evolution.