Ferrari’s first electric car sells for record $40 million at charity auction

Ferrari’s first fully electric car, the Luce, has sold for $40 million at a charity auction in California, setting a record for the highest price ever paid at auction for a new vehicle.

The custom Luce, designed in collaboration with British iPhone designer Sir Jony Ive, fetched more than 35 times the model’s usual price at an RM Sotheby’s auction. The buyer was not identified, BBC writes. 

Sotheby’s said all proceeds would go to the Ferrari Foundation’s educational programmes. The auctioned car features a unique white finish, special wheels, customised brakes and bespoke components.

The Luce’s launch in May marked Ferrari’s entry into the electric-vehicle market, a sector dominated by Tesla and Chinese manufacturers. The unveiling was one of the Italian luxury carmaker’s most closely watched launches in years, with Italian President Sergio Mattarella and Pope Leo among those invited to view the vehicle.

However, the electric Ferrari also faced criticism from some traditionalists who argued that its five-seat configuration, battery power and design represented a departure from the brand’s identity.

Italy’s Deputy Prime Minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo were among its critics. Montezemolo said the car was "risking the destruction of a legend".

Ferrari’s share price also fell the day after the Luce was unveiled.

Ferrari chief design officer Flavio Manzoni defended the model, saying critics were part of the innovation process and expressing confidence that the car would eventually win over sceptics.

Sotheby’s described the auctioned vehicle as an "unbeatable opportunity" to own the first production Luce. The auction house called the sale a "tangible expression of innovation, responsibility, and long-term vision for future generations."

Ferrari has a strong record of attracting high prices at auction. In 2025, a bespoke Ferrari Daytona SP3 sold for $26 million to raise funds for the carmaker’s educational initiatives, setting the previous record for the most expensive new car sold at auction.

The overall auction record for a car remains far higher. A rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé sold for $142 million in 2022.

By Sabina Mammadli