Ferrari's first fully electric model, the Luce, has shattered auction records. A bespoke version of the car, designated as the first production chassis, sold for $40 million (€34.5 million) at an RM Sotheby's charity auction held during Monterey Car Week in California. The price dwarfed the pre-sale estimate of $1.1 million and set a new benchmark for the most expensive new car ever sold at auction.
A controversial debut
The Luce was unveiled in May, and its design—created by LoveFrom, the collective founded by Sir Jony Ive and Marc Newson—drew immediate backlash. Critics questioned the unconventional styling, and Ferrari's share price dipped in the days following the reveal. However, the company has since recovered, buoyed by strong earnings and an upward revision of its full-year guidance last month. Ferrari has also confirmed that orders for the Luce are progressing in line with expectations.
The auction result underscores the enduring appeal of the Prancing Horse brand, even as it transitions to electrification. The car sold was a unique, customised version of the Luce, built on the first production chassis. It features four electric motors—one per wheel—delivering a combined 1,050 horsepower. The Luce accelerates from 0 to 100 km/h in 2.5 seconds and reaches a top speed of 310 km/h. Its 122 kWh battery provides a claimed range of more than 530 km.
The $40 million price tag eclipses the previous record for a new car at auction, set in 2025 when a bespoke Ferrari Daytona SP3 fetched $26 million. The Luce's sale also highlights the growing market for ultra-exclusive electric vehicles, a segment that traditional automakers are increasingly targeting.
For Ferrari, the Luce represents a strategic bet on electrification, a shift that has been met with both enthusiasm and scepticism. The company's ability to command such a premium for its first EV suggests that its clientele remains loyal, even as the automotive industry undergoes a profound transformation. The auction proceeds will go to charity, adding a philanthropic dimension to the record-breaking sale.
As Europe's automotive sector grapples with the transition to electric mobility, Ferrari's move is being closely watched. The Luce's success at auction may signal that high-end buyers are willing to embrace electric powertrains, provided the brand heritage and performance credentials remain intact. Meanwhile, the broader European market continues to face challenges, from supply chain disruptions to the ongoing wildfire season that has affected parts of the continent.
Ferrari's stock has climbed about 27% since the Luce's unveiling, reflecting investor confidence in the company's direction. The record auction price is likely to further bolster sentiment, even as the automotive industry navigates an uncertain economic environment.
The Luce's sale also raises questions about the future of car auctions, where bespoke models are increasingly fetching astronomical sums. For collectors, the allure of owning a piece of automotive history—especially a first-of-its-kind electric Ferrari—appears irresistible. As the industry evolves, such auctions may become key barometers of brand value and technological acceptance.
