Ferrari's first electric car sells for record $40 million at auction

Key facts

• Ferrari's first all-electric car, the Luce, sold for $40 million at an RM Sotheby's auction.
• The sale set a new auction record for a new car.
• Proceeds from the sale will go to the Ferrari Foundation's educational programs.
• The auctioned Luce was a special edition with unique finishes and bespoke parts.
• The car's launch faced criticism from some commentators and public figures.

Ferrari's first all-electric vehicle, the Luce, has achieved a record-breaking $40 million sale at an RM Sotheby's auction in California. This price significantly surpasses the typical cost of the model and sets a new benchmark for a new car sold at auction.

All proceeds from the sale will be donated to the Ferrari Foundation's educational initiatives. The specific buyer of the custom Luce, which features a unique finish and bespoke parts, was not disclosed.

The launch of the Luce in May had drawn criticism from some commentators and public figures, including Italy's deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who expressed concerns that the electric model strayed from the brand's traditional identity. Ferrari's chief design officer, Flavio Manzoni, defended the design, suggesting that criticism is a natural part of the innovation process.

Despite initial backlash, Ferrari's shares saw a dip following the car's unveiling. However, a Financial Times report indicated that the company has met its sales target for the Luce this year, with strong demand noted from China. Ferrari has not officially commented on this report.

This record sale follows a previous auction where a bespoke Ferrari Daytona SP3 supercar fetched $26 million for the carmaker's education initiatives.