A custom version of Ferrari's first all-electric vehicle, the Luce, sold for $40 million at an RM Sotheby's auction in California. The sale price for this specific "first production chassis" set a record for a new car sold at auction, exceeding the model's standard price by more than 35 times.
The Luce was originally unveiled in May as Ferrari's inaugural entry into the electric vehicle market, a sector currently led by Tesla and Chinese manufacturers. Designed by former iPhone designer Sir Jony Ive, the vehicle features five seats and a battery-powered engine, representing a departure from the brand's traditional two-seat, internal combustion engine designs.
The auctioned vehicle featured a unique white finish, bespoke parts, specialized wheels, and customized brakes. According to RM Sotheby's, the proceeds from the $40 million sale will be donated to the Ferrari Foundation to support its educational programs. The identity of the buyer has not been disclosed.
While the auction set a financial record, the Luce model has faced criticism since its debut. Italy's deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo both questioned the design, with di Montezemolo stating the vehicle risked "the destruction of a legend." Ferrari's chief design officer, Flavio Manzoni, defended the car in May, describing criticism as part of the innovation process.
For consumers and investors, the Luce represents a significant shift in the luxury car market. While Ferrari shares fell the day after the car's initial launch due to negative feedback regarding its five-seat layout and electric powertrain, the company has reportedly met its annual sales goals for the model. The Financial Times reported that this demand was driven largely by consumers in China, though Ferrari has not officially confirmed those figures. Owners of traditional Ferraris and potential EV buyers will likely monitor how these design changes influence the brand's long-term market value.
The success of the Luce at auction and in international markets may influence future policy decisions at Ferrari and other luxury automakers as they navigate the transition from gasoline to electric power. The company's ability to attract record-breaking bids for an electric model, despite public criticism from former executives, sets a precedent for how heritage brands might modernize their lineups. Ferrari has not yet disclosed specific future production dates or additional EV models following the Luce's rollout.