Ferrari Luce: First fully electric Ferrari to sell for $40 million

Ferrari’s first fully electric car, the Ferrari Luce, has made headlines after its first production model sold for $40 million at a charity auction in California. The sale, held by RM Sotheby’s, established a new record for a newly produced car sold at auction and fetched more than 35 times the Luce’s regular price of around $640,000. The five-seater electric Ferrari was developed in collaboration with LoveFrom, the design agency founded by former Apple design chief Sir Jony Ive. The Luce is equipped with a Ferrari-developed electric motor on each wheel and can accelerate from zero to 60 mph in approximately 2.5 seconds. Ferrari says the vehicle’s components are produced in-house, allowing the company to maintain and repair the car for years while helping preserve its long-term value. The auctioned vehicle was the first production chassis of the new electric model and featured exclusive modifications, including specially designed wheels, customized brakes and a distinctive white exterior. The Luce represents a major change for Ferrari, a brand historically known for powerful gasoline engines and high-performance sports cars. Proceeds from the auction will support educational initiatives operated by the Ferrari Foundation. Sotheby’s described the one-of-a-kind vehicle as a symbol of innovation and Ferrari’s long-term vision for future generations. However, the electric model received a mixed response when it was unveiled in May, with some enthusiasts criticizing Ferrari for moving away from its traditional identity. The launch also contributed to pressure on Ferrari’s share price as investors and fans debated the company’s transition toward electric mobility. Some critics compared the move with Jaguar’s controversial brand transformation, while supporters praised the Luce’s futuristic design and engineering. Italy’s Deputy Prime Minister Matteo Salvini and former Ferrari Chairman Luca Cordero di Montezemolo were among those who expressed concerns about the vehicle. Montezemolo warned that the new direction could put Ferrari’s legendary identity at risk. Despite the criticism, Ferrari has already reached its sales target for the Luce for the year, with strong demand reportedly coming from Chinese customers. The company’s ability to attract buyers suggests that its electric strategy may be gaining traction despite concerns among traditional Ferrari enthusiasts. The previous record for a new Ferrari sold at auction was $26 million, achieved by a Ferrari Daytona SP3 in 2025. However, the overall record for the most expensive car ever sold remains held by the 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which fetched $142 million in 2022. Ferrari has also showcased the Luce to prominent figures, including Italian President Sergio Mattarella and Pope Leo, highlighting the importance of the model in the company’s transition toward electric vehicles. The $40 million auction result gives Ferrari’s first electric car an extraordinary start and could strengthen the brand’s position as it enters a new era of automotive technology.