Ferrari's First Electric Vehicle Sets Auction Record at $40 Million

Ferrari NV’s inaugural fully electric vehicle, the Luce, defied skepticism by fetching $40 million at a Sotheby’s charity auction, setting a new record for the most expensive new car ever sold at auction. The sale, which took place during Monterey Car Week in California, surpassed last year’s record of $26 million for a customized Ferrari Daytona SP3. ## A Bold Departure from Tradition The Luce, introduced in May with a base price of €550,000, marked a significant shift for Ferrari, known for its combustion-engine sports cars. The model was developed in partnership with LoveFrom, the design studio founded by former Apple chief designer Jony Ive, who played a key role in the iPhone and iMac. The car boasts over 1,000 horsepower and a four-door design, distinguishing it from other electric vehicles on the market. Ferrari CEO Benedetto Vigna emphasized the Luce’s uniqueness, stating that it bears no resemblance to electric cars from other manufacturers. "You have to see it and drive it to understand that it’s not a copy-neither the interior, the exterior, nor the performance," he said in May. The company reported receiving orders from both existing and new customers, despite initial criticism and a drop in its stock price. ## Strong Demand Drives Ferrari’s Upgraded Forecast Ferrari recently raised its annual outlook, citing robust demand for limited-edition models like the F80 and a premium version of the four-seat Purosangue. The Luce’s success at auction underscores the brand’s ability to attract high-end buyers, even as it ventures into new territory with electric vehicles. The Luce is part of Ferrari’s "tailor made" program, which offers bespoke customization to meet the exact specifications of buyers. The auction’s record-breaking result highlights the exclusivity and desirability of Ferrari’s limited-production models, reinforcing the brand’s position as a leader in luxury automotive innovation.