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

Ferrari’s first all-electric vehicle, the Luce, sold for a record $40 million at a charity auction during Monterey Car Week in California, surpassing the previous record of $26 million set by the customised Daytona SP3 at the same event last year. The sale took place through Sotheby’s, marking a historic moment for the Italian automaker as it transitions toward electrification while maintaining its legacy of high-performance vehicles. The Luce, a four-door, 1,000-horsepower electric car, was unveiled in May 2026 at a price of $636,356. Its introduction sparked mixed reactions, including criticism from some quarters and a temporary decline in Ferrari’s stock price. However, despite these challenges, the vehicle drew significant attention from both long-time fans and new buyers. The car was described as a “tailor made” model, meaning it was customised to meet the exact specifications of its buyer, making it a unique offering in the automotive world. The Luce was co-designed with LoveFrom, a design studio founded by Jony Ive, Apple’s former chief designer. Known for his work on iconic products like the iPhone and iMac, Ive brought a distinctive aesthetic and engineering approach to the project. The collaboration aimed to create a vehicle that would stand apart from other electric cars on the market, emphasizing innovation and exclusivity. Ferrari Chief Executive Benedetto Vigna expressed confidence in the Luce’s appeal, stating that the model had received orders from both existing and new customers. He emphasized that the Luce was not a generic electric vehicle, asserting that it could not be replicated by competitors. “You have to see it and drive it to understand that it wasn’t copied, not the interiors, not the exterior, not the performance,” Vigna said at the time of the car’s unveiling. The sale of the Luce came after Ferrari revised its full-year financial guidance, citing increased demand for limited-edition models such as the F80 and a more expensive variant of its Purosangue four-seater. These models contributed to stronger-than-expected second-quarter results, suggesting that the brand’s shift toward electrification might be gaining traction among consumers. Monterey Car Week, held annually in California, is one of the most prestigious auto events in the world, drawing collectors, enthusiasts, and industry leaders. The auction of the Luce at this event underscores the growing interest in high-end electric vehicles, even as traditional luxury brands navigate the transition to sustainable technologies. As the automotive industry continues to evolve, Ferrari’s decision to introduce the Luce represents a bold step into the future. With its record-breaking sale, the Luce not only highlights the potential of electric vehicles in the luxury segment but also reaffirms Ferrari’s commitment to innovation and excellence. The success of the Luce may signal a broader acceptance of electric powertrains in the premium car market, paving the way for further advancements in the sector.