Ferrari's first ever electric car sold for record $40m at auction

Ferrari’s first-ever electric car, named the Luce, sold for a record-breaking $40 million at a recent charity auction, marking a historic moment for the iconic Italian automaker. The sale took place through Sotheby’s, with the proceeds going toward charitable causes. The car, which features special wheels, customised brakes, and a distinctive white finish, has been described as a symbol of innovation and forward-thinking by the auction house. This sale eclipses previous records for new cars at auction, including a bespoke Ferrari Daytona SP3 supercar that fetched $26 million in 2025 for Ferrari’s education initiatives. The Luce represents a major shift for Ferrari, known traditionally for high-performance internal combustion engines. Its unveiling sparked immediate controversy among some prominent figures in Italy. Deputy Prime Minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo expressed concerns that the electric model could jeopardise the brand’s legacy. Salvini and others argued that the move risks undermining Ferrari’s storied reputation built around traditional motorsport and engineering excellence. Despite the criticism, Ferrari’s chief design officer, Flavio Manzoni, defended the project in a May interview, stating that such feedback is a natural part of the innovation process. He expressed confidence that the public would eventually embrace the Luce and its technological advancements. However, the company has remained tight-lipped about specific sales targets for the model, though reports suggest it has already met annual goals due to robust interest from Chinese buyers. The sale of the Luce came just days after Ferrari’s stock dipped following the car’s debut. Investors appeared concerned about the potential impact of shifting towards electric vehicles on the company’s core identity and profitability. While Ferrari has not officially commented on these developments, the Financial Times reported earlier this year that the Luce had already achieved strong sales performance, particularly in Asia. Sotheby’s highlighted the significance of the Luce sale, calling it “an unbeatable opportunity” to own the first production example of the model. The auction house praised the car as a “tangible expression of innovation, responsibility, and long-term vision for future generations.” This aligns with broader industry trends where luxury brands are increasingly exploring sustainable technologies while maintaining their heritage appeal. In the context of automotive auctions, Ferraris have consistently commanded premium prices. The Daytona SP3’s $26 million sale in 2025 set a new benchmark for new cars, surpassing even the previous record held by a rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which sold for $142 million in 2022. The Luce’s $40 million price tag further cements Ferrari’s position as a leader in both performance and collectible value within the luxury car market. The Luce’s success at auction reflects growing interest in electric vehicles among affluent collectors, despite ongoing debates about the balance between tradition and innovation in the automotive sector. As Ferrari continues to navigate this transition, the response from stakeholders, ranging from investors to political leaders, will likely shape the trajectory of its electric vehicle strategy moving forward. The Luce’s sale underscores the complex interplay between technological advancement, brand legacy, and market dynamics in the evolving landscape of high-end automotive manufacturing.