By Rajwa Quasim
Ferrari’s first fully electric car, the Ferrari Luce, launched in May and has sold for $40 million at a charity auction in the U.S., setting a record for a new car sold at auction.
The Italian brand’s first five-seater was created in collaboration with LoveFrom, the design agency founded by former Apple design chief Sir Jony Ive. The Luce is powered by a Ferrari-made electric motor on each wheel, helping the car reach 60 mph (96 km/h) in about 2.5 seconds. Ferrari said all of the car’s components are made in-house, allowing the company to repair the vehicle well into the future and protect its resale value.
The Luce sold for more than 35 times its regular price of $640,000 (£474,320). The charity auction was held at RM Sotheby’s in California. The vehicle was the first production chassis of Ferrari’s new electric model and featured special modifications, including unique wheels, customized brakes and a distinctive white finish. The Luce marks a shift for Ferrari, whose brand has traditionally been associated with high-performance gasoline-powered cars and their distinctive engines.
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According to Sotheby’s, proceeds from the sale will go toward educational programs run by the Ferrari Foundation. The auction house described the car as a “tangible expression of innovation, responsibility, and long-term vision for future generations.”
When the Luce was launched in May, it received a mixed reaction that contributed to a decline in Ferrari’s share price. One account on X said, “Ferrari just killed their brand just like Jaguar did. This is straight to the junkyard trash.” Meanwhile, another said, “Absolute masterclass in design. Ferrari just unveiled the breathtaking LUCE concept, and it is a total game changer.”
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Italy’s Deputy Prime Minister Matteo Salvini and former Ferrari Chairman Luca Cordero di Montezemolo were among those who criticized the vehicle, with Montezemolo saying it was “risking the destruction of a legend.”
Despite the criticism, Ferrari has reported that it has already reached its sales target for the Luce for the year, driven in part by demand from Chinese customers.
The previous record for a new Ferrari sold at auction was set in 2025, when a Ferrari Daytona SP3 sold for $26 million. The record for the highest price ever paid for a car belongs to the 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which sold for $142 million in 2022.
The company invited Italian President Sergio Mattarella and Pope Leo were invited to view the new Ferrari EV.