Ferrari sells first fully electric car for $40 million

A bespoke version of Ferrari’s first all-electric car was sold for $40 million at a charity auction, a deal that defied market skepticism toward the vehicle and set a record for the highest price ever paid at auction for a new car. The Luce Tailor Made auction took place during Monterey Car Week in California, where Sotheby’s described the sale as an exceptional opportunity to own the first production chassis under the Luce program, featuring a semi-gloss paint finish and components custom-designed for this limited edition. The auction house did not disclose the buyer’s identity, while the proceeds will benefit the Ferrari Foundation and its educational programs. The car is part of Ferrari’s exclusive Tailor Made program, which allows customers to customize their vehicles to precise specifications and designs. The auction followed the unveiling of Ferrari’s first fully electric car about three months earlier, which the company priced at 550,000 euros, or approximately $640,000. The launch of the Luce comes as the electric sports car market faces challenges linked to weak demand, prompting companies such as Porsche and Lamborghini to scale back some of their electric vehicle plans. The car’s unveiling was met with negative market reactions, including criticism of its design, while analysts noted that Ferrari’s shares had already posted strong gains prior to the car’s launch. The deal highlights the vast gap between the car’s listed price and the auction price, with the bespoke model selling for $40 million—roughly 62.5 times the base price.