Ferrari sells first fully electric car for $40 million

Ferrari NV’s all-electric vehicle has defied a wave of criticism after selling for $40 million, becoming the most expensive new car ever sold at auction. The “Luce,” designed under Ferrari’s Tailor Made program, broke the previous record at a charity auction hosted by Sotheby’s as part of Monterey Car Week in California. The prior record was set last year, when a custom-modified Ferrari Daytona SP3 sold for $26 million, according to a statement from the automaker.

Ferrari unveiled the Luce, priced at 550,000 euros ($636,356), in May, amid a wave of criticism and a decline in the company’s share price. The model marks a departure from Ferrari’s storied legacy of producing internal combustion engine sports cars. Tailor Made vehicles are one-of-a-kind, bespoke creations tailored to the exact specifications of each buyer.

The Luce was designed in collaboration with LoveFrom, the studio founded by Jony Ive, former chief design officer at Apple and one of the key figures behind the design of the iPhone and iMac. The car combines power exceeding 1,000 horsepower with a four-door design.