A Record-Breaking Charity Sale

The Ferrari Luce, the Italian automaker’s first electric vehicle, sold for $40 million at an RM Sotheby’s auction in California, setting a new record for the highest price paid for a new car at auction. The sale raised more than 35 times the usual price of the vehicle and will support the Ferrari Foundation’s educational programs.

Controversy and Criticism

Since its launch in May, the Luce has faced criticism from some quarters for straying from Ferrari’s traditional design ethos — Critics argued the five-seat, battery-powered model lost part of the brand’s identity. Italy’s deputy prime minister, Matteo Salvini, and former Ferrari chairman Luca Cordero di Montezemolo expressed concerns, with the latter stating the car was “risking the destruction of a legend.”

Despite the backlash, Ferrari’s chief design officer, Flavio Manzoni, defended the innovation, saying in an interview in May that criticism is part of the creative process and that he believed people would eventually appreciate the Luce.

Strategic Market Move

The Luce marks Ferrari’s first foray into the electric vehicle market, a sector dominated by Tesla and Chinese automakers; the revealing of the car was seen as one of the biggest automotive launches in recent years. Sotheby’s described the auctioned Luce as an “unbeatable opportunity” to own the first production model of the electric car.

The custom Luce features a unique white finish, special wheels, and bespoke brakes; Sotheby’s did not reveal the identity of the buyer, though the proceeds from the sale will go entirely to the Ferrari Foundation’s education initiatives.

Italian President Sergio Mattarella and Pope Leo were among those invited to view the Luce before its launch, but However, Ferrari’s stock price dipped the day after the car’s introduction due to the negative reaction from some critics.

According to a Financial Times report, Ferrari has already met this year’s sales target for the Luce, driven by strong demand from China — the company has not disclosed specific sales targets for the model.

Sotheby’s also highlighted the auction as a “tangible expression of innovation, responsibility, and long-term vision for future generations.”

While this sale set a record for a new car, the highest price ever paid at an auction was $142 million for the 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé in 2022. In 2025, a custom Ferrari Daytona SP3 supercar raised $26 million for the carmaker’s education initiatives, setting a previous record for a new car auction.