Ferrari's First Electric Vehicle Smashes Records With $40 Million Auction Sale

Ferrari NV’s first all-electric vehicle has defied initial criticism by selling for a staggering $40 million, establishing it as the most expensive new car ever sold at auction.

The Sotheby’s charity auction featuring the Luce “tailor made” at Monterey Car Week in California surpassed the previous record set last year, when Ferrari’s customised Daytona SP3 brought in $26 million, according to the carmaker. When Ferrari initially unveiled the Luce in May with a price tag of €550,000 ($636,356), it faced a wave of criticism and a subsequent dip in company share price, as the model represents a significant departure from Ferrari’s traditional combustion-engine sports cars.

“Tailor made” cars represent one-of-a-kind vehicles that are customised to a buyer’s exact specifications. This particular model was designed alongside LoveFrom, the design studio established by Jony Ive, Apple Inc.’s former design chief and a prominent figure behind the development of the iPhone and iMac. Featuring four doors and more than 1,000 horsepower, the Luce has generated substantial attention.

Ferrari’s Chief Executive Officer Benedetto Vigna noted in May that the vehicle was attracting orders from both long-time and new customers. “The Ferrari Luce has nothing to do with electric cars you have seen from other players,” Vigna stated at the time, emphasizing that experiencing the vehicle firsthand reveals its distinct performance, exterior, and interior design.

Following strong demand for limited-run models such as the F80 and an upgraded version of the Purosangue four-seater, Ferrari raised its full-year guidance late last month, contributing to higher second-quarter results.