Ferrari Electric Car Sold for $40 Million at Auction
Ferrari's first electric car, the Luce designed by Jony Ive, fetched $40 million at auction—a record for a new vehicle despite May backlash.
Ferrari’s first electric car sold for $40 million at a charity auction in California, setting a record for the highest price paid for a new vehicle at auction. The Ferrari Luce, designed by Sir Jony Ive—the British designer behind the iPhone—fetched more than 35 times its standard retail price at the RM Sotheby’s event.
All proceeds from the sale will go to the Ferrari Foundation’s educational programmes, according to Sotheby’s. The auction house did not identify the buyer of the custom vehicle, which features a unique white finish, special wheels, and customised brakes.
The Luce Launch and Backlash
Ferrari unveiled the Luce in May in what was seen as one of the biggest car launches in recent years. The luxury brand’s first entry into the electric vehicle market drew attention from Italian President Sergio Mattarella and Pope Leo, both of whom were invited to view the car.
Photo: bbc-world
But the launch triggered immediate controversy. Critics argued the five-seat, battery-powered vehicle strayed from Ferrari’s traditional designs and risked diluting the brand’s identity. Italy’s deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo were among those who spoke out, with Montezemolo warning of “risking the destruction of a legend.”
Ferrari’s share price dropped the day after the Luce’s unveiling. Chief design officer Flavio Manzoni said in a May interview that criticism is part of the innovation process and expressed confidence that people would eventually appreciate the car.
Auction Records
The standard Ferrari Luce has not had its retail price publicly disclosed by Ferrari, but the $40 million auction result—described by Sotheby’s as representing the “first production car” of the model—suggests a list price in the low seven figures based on the 35-times multiple. The auctioned vehicle featured bespoke parts beyond the standard specification.
The sale broke the previous record for a new car at auction: a bespoke Ferrari Daytona SP3 supercar raised $26 million for Ferrari’s education initiatives in 2025. The all-time auction record for any car remains a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which sold for $142 million in 2022.
China Demand and the EV Market
According to a Financial Times report, Ferrari has already hit this year’s sales target for the Luce thanks to strong demand from China. The Italian carmaker designed the Luce to compete in the electric vehicle sector, which is dominated by Elon Musk’s Tesla and Chinese manufacturers.
The five-seat configuration and electric powertrain represent a departure for Ferrari. The company has not disclosed production volume targets for the model.
What the Sale Signals
Charity auctions for one-off or first-production luxury cars routinely achieve multiples of list price, driven by exclusivity. The $40 million result reflects both the Luce’s position as Ferrari’s first electric vehicle and the appeal of a custom version designed for the charity event.
The sale comes after strong early sales in China, according to the Financial Times. Whether demand holds as production scales remains to be seen—Ferrari has not released broader sales figures or production targets for the model. Sotheby’s called the sale a “tangible expression of innovation, responsibility, and long-term vision for future generations.”
Primary source: bbc-world
FAQ
How much did Ferrari’s first electric car sell for at auction?
Ferrari’s first electric car, the Luce, sold for $40 million at an RM Sotheby’s charity auction in California. This set a record for the highest price paid for a new vehicle at auction, more than 35 times the standard retail price.
Who designed the Ferrari Luce?
The Ferrari Luce was designed by Sir Jony Ive, the British designer best known for his work on the iPhone and other Apple products. The car marks Ferrari’s first entry into the electric vehicle market.
Why did the Ferrari Luce face backlash when it launched?
Critics, including Italy’s deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, argued that the five-seat, battery-powered Luce strayed from Ferrari’s traditional designs. Ferrari’s share price dropped the day after the May launch.