California: Ferrari’s first fully electric production car, the Luce, has sold for $40 million (£29.5 million) at a charity auction in California, setting a new record for the highest price ever paid for a new car at auction.
The special Luce was sold by RM Sotheby’s, with the auction raising more than 35 times the vehicle’s typical price. The auction house described it as the car’s ‘first production chassis,’ featuring an exclusive finish and a range of bespoke components.
All proceeds from the sale will go towards educational programmes run by the Ferrari Foundation. The identity of the buyer has not been disclosed. Designed with input from Sir Jony Ive, the former Apple design chief best known for his work on the iPhone, the Luce attracted significant attention when it was unveiled in May.
The model also faced criticism from some Ferrari enthusiasts who argued that its electric powertrain, five-seat layout and departure from traditional Ferrari styling moved too far away from the brand’s heritage.
Electric vehicle market entry
The Luce represents Ferrari’s first major entry into the electric vehicle market, placing the Italian luxury marque in a sector dominated by companies including Tesla and major Chinese automakers. Its launch was regarded as one of the most significant new-car unveilings in recent years, with Italian President Sergio Mattarella and Pope Leo among those invited to view the new model.
Ferrari’s shares fell the day after the Luce was unveiled amid the backlash. Critics included Italy’s Deputy Prime Minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who warned that the electric model could risk damaging the identity of the iconic brand.
Ferrari Chief Design Officer Flavio Manzoni defended the vehicle, saying criticism is a natural part of the innovation process and expressing confidence that the Luce would eventually win over sceptics.
Ferrari has not revealed its sales target for the Luce. However, latest reports stated that the model had already met its sales goal for the year, driven by strong demand from China. Ferrari did not comment on the report.
RM Sotheby’s described the auction as a rare opportunity to acquire the first production Luce. The one-off vehicle features specially designed wheels, customised brakes and a distinctive white exterior finish.
The auction house stated that the charity sale represents Ferrari’s commitment to innovation and long-term investment in future generations, with the proceeds supporting education.
Ferrari models have repeatedly achieved some of the highest prices at automotive auctions. In 2025, a bespoke Ferrari Daytona SP3 sold for $26 million to support the company’s educational initiatives, setting the previous record for the most expensive new car sold at auction.
The overall auction record for any car remains with the ultra-rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which fetched $142 million in 2022.
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