Ferrari Luce: Polarizing EV debut becomes a $40 million collector’s item

A personalized model of Ferrari's first fully electric vehicle has sold for $40 million in a charity sale, defying market skepticism and setting a record for a new car sold at auction.

The Sotheby's auction of the Luce "tailor made" at Monterey Car Week in California said the lot marked an "unrepeatable opportunity" to acquire the first production chassis of the Luce program, which featured a unique semi-gloss finish and other bespoke parts.

The auction house did not name the winning buyer of the luxury car and said the proceeds would be donated to Ferrari's foundation of educational programs. Ferrari's "tailor made" program is an exclusive initiative for cars customized to a buyer's precise specifications.

The blockbuster auction comes nearly three months after Ferrari unveiled its first fully electric car, which was priced at 550,000 euros (roughly $640,000). The move marked a departure from the aesthetic of typical Ferraris and came despite other sports car manufacturers, notably Porsche and Lamborghini, scaling back on plans to launch their own EVs due to weak demand.

The unveiling of the Luce sparked a negative market reaction, with analysts citing a mix of "design hate" and the classic market adage of "travel and arrive," noting that Ferrari's stock price had risen significantly ahead of launch.

Ferrari CEO Benedetto Vigna said at the time that the Maranello, Italy-based company respected the different needs and wishes of its customers, adding that existing clientele would be interested in the Luce and the carmaker would welcome new buyers thanks to the fully electric model.

Ferrari raised its full-year guidance last month, citing stronger personalization demand than initially expected, as it beat Wall Street's second-quarter expectations. Milan-listed shares of Ferrari are up nearly 12% so far this year.