Ferrari’s first-ever electric car has sold for an extraordinary $40m (£29.5m) at a charity auction in California, setting a new record for the highest price ever paid at auction for a brand-new vehicle.
The Ferrari Luce, which was designed with input from British iPhone designer Sir Jony Ive, fetched more than 35 times the model’s expected conventional price during the sale at RM Sotheby’s.
The proceeds from the auction will be donated in full to the Ferrari Foundation, which supports educational programmes.
The buyer of the one-of-a-kind Ferrari Luce was not identified by Sotheby’s. The auctioned vehicle features a unique exterior finish and a number of bespoke components that distinguish it from standard production models.
The sale comes just months after the Luce was officially unveiled in May, when Ferrari’s move into the electric vehicle market generated considerable attention and controversy.
The launch was regarded as one of the most significant new-car unveilings in recent years because it marked Ferrari’s first entry into the rapidly expanding electric vehicle sector.
However, the decision to introduce a battery-powered Ferrari with seating for five sparked criticism from some enthusiasts and commentators, who argued that the vehicle represented too significant a departure from the Italian marque’s traditional identity.
Critics questioned whether an electric, five-seat Ferrari could retain the character and exclusivity historically associated with the famous “prancing horse” brand.
The backlash was significant enough to affect investor sentiment. Ferrari’s share price fell the day after the Luce was unveiled, amid concerns and criticism surrounding the company’s transition towards electric vehicles.
Among the prominent critics was Italy’s deputy prime minister Matteo Salvini, while former Ferrari chairman Luca Cordero di Montezemolo also voiced concerns about the direction of the brand.
Montezemolo warned that the new model risked “the destruction of a legend”, reflecting concerns among some Ferrari enthusiasts that electrification could undermine the qualities that have traditionally defined the company.
Ferrari’s chief design officer, Flavio Manzoni, defended the Luce and said criticism was a natural part of the innovation process.
Speaking in an interview in May, Manzoni said he believed that people would eventually come to appreciate the new electric model and its design.
Despite the controversy surrounding its launch, Ferrari appears to have experienced strong demand for the Luce.
The company has not publicly revealed a specific sales target for the model. However, a Financial Times report said Ferrari had already achieved its target for this year, helped by particularly strong demand from customers in China.
The Luce enters an increasingly competitive electric vehicle market that has been dominated by Tesla and major Chinese car manufacturers.
Ferrari has historically occupied a very different position from mass-market electric vehicle producers, relying heavily on exclusivity, performance, design and heritage.
The company’s decision to enter the EV market therefore represents an important shift as luxury carmakers attempt to respond to changing technology, environmental regulations and growing demand for electric vehicles.
RM Sotheby’s described the auctioned Luce as an “unbeatable opportunity” to acquire the first production example of Ferrari’s new electric model.
The charity auction vehicle included specially designed wheels, customised brakes and a distinctive white finish.
Sotheby’s said the sale represented a “tangible expression of innovation, responsibility, and long-term vision for future generations”, highlighting the charitable purpose behind the record-breaking transaction.
The $40m sale also demonstrates the extraordinary prices that rare and highly exclusive Ferraris can command, even when the vehicle is brand new.
Ferrari models have repeatedly achieved some of the highest auction prices in the automotive world, with collectors prepared to pay enormous sums for unique or historically significant examples.
In 2025, a bespoke Ferrari Daytona SP3 sold for $26m at auction, with the proceeds also supporting the carmaker’s educational initiatives.
That sale had set a record at the time for the highest price ever paid at auction for a new car.
The Luce has now comfortably surpassed that figure, with the $40m sale establishing a new benchmark for a newly produced vehicle sold at auction.
However, the record for the most expensive car ever sold at auction remains far higher.
That title belongs to the exceptionally rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which changed hands for approximately $142m in 2022.
While the Luce’s $40m auction price is partly explained by its unique specification and charitable purpose, the sale represents a major milestone for Ferrari as the company begins its transition into electric mobility.
The record-breaking auction also provides an early indication of the extraordinary level of interest surrounding Ferrari’s first electric vehicle.
Despite criticism from some traditionalists, the Luce has generated considerable attention from collectors and buyers, particularly in important markets such as China.
The success of the charity auction could therefore help Ferrari demonstrate that its move towards electrification does not necessarily mean abandoning the exclusivity and prestige associated with the brand.
For Ferrari, the challenge will now be to convince its traditional customer base that electric technology can coexist with the performance, design and identity that have made the marque one of the world’s most recognisable luxury car brands.
The $40m sale of the first production Luce suggests that, at least among wealthy collectors, there is already substantial interest in the next chapter of Ferrari’s history.
