Ferrari’s first ever electric car sold for record $40m
Ferrari's Luce Electric Car Commands Record $40 Million at Charity Auction
Ninoda.com – The prancing horse's inaugural battery-electric vehicle has set a new benchmark for new-car auction pricing. A single example of the Ferrari Luce changed hands for $40 million (£29.5 million) at RM Sotheby's in California, a figure exceeding the car's standard retail price by more than 35 times.
All proceeds from the transaction are earmarked for the Ferrari Foundation's educational programmes. Sotheby's declined to identify the purchaser of the one-off machine, which carries a distinctive white paint scheme, bespoke components, and customised wheels and brakes.
A Controversial Debut
The Luce, conceived by British industrial designer Sir Jony Ive — best known for his work on the iPhone — was unveiled in May to a storm of criticism. Commentators argued that a five-seat, battery-powered grand tourer departed sharply from the marque's heritage and diluted its identity. Italian Deputy Prime Minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo voiced their objections; the latter warned the car was
"risking the destruction of a legend."
The market reacted swiftly. Ferrari's share price fell the day after the launch, underscoring how deeply the announcement unsettled investors and enthusiasts alike.
Ferrari's Response and Commercial Trajectory
Chief design officer Flavio Manzoni told interviewers in May that scepticism is an inherent element of innovation and expressed confidence that public opinion would shift over time. Although the company has not published a specific sales target for the Luce, a Financial Times report indicated the model had already met its annual goal, buoyed by robust demand from Chinese buyers.
The unveiling itself was staged as one of the most high-profile new-car reveals in recent memory. Italian President Sergio Mattarella and Pope Leo were both invited to inspect the vehicle, signalling the magnitude Ferrari attached to its first foray into the electric-vehicle segment — a space currently dominated by Elon Musk's Tesla and a cohort of Chinese manufacturers.
Where the Sale Sits in Auction History
Ferrari has long commanded top prices at the block. In 2025, a bespoke Daytona SP3 supercar fetched $26 million for the marque's education initiatives, a figure that at the time represented the highest sum ever paid for a new car at auction. The all-time record remains an ultra-rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, sold in 2022 for $142 million.
In a statement accompanying the Luce sale, Sotheby's described the transaction as an
"unbeatable opportunity"
to acquire the very first production example of the model. The house further characterised the charity event as a
"tangible expression of innovation, responsibility, and long-term vision for future generations."
The episode underscores a broader tension: Ferrari sought to position the Luce as a counterweight to Chinese-built electric vehicles, yet the initial backlash revealed how fragile the brand's equity remains when its design language is stretched beyond familiar territory.
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