Ferrari's first electric car sold for $40 million (£29.5 million) in a charity sale, breaking the record for a new vehicle sold at auction. Sales Ferrari Luce - the brainchild of British iPhone designer Sir Jony Ive - raised the price of the car more than 35 times at an event at RM Sotheby's in California. Luce faced negative reactions when it launched in May.

Some commentators said the car deviates from the brand's traditional design and loses some of the brand's identity because it is battery-powered and has five seats. Illustration. Sotheby's said all proceeds from the sale will be donated to the FerrariFoundation's educational programs.

Sotheby's did not name the buyer of the special Luce which features a unique finish and bespoke parts. Introduction Luce is seen as one of the biggest new car launches in recent years. Illustration.

This marks the prancing horse's first entry into the electric vehicle (EV) market - a sector dominated by Elon Musk Tesla and China's automakers. Italy President Sergio Mattarella and Pope Leo were invited to see the luxury brand's new vehicle. ButFerrari's share price fell the day after the launch of Luce, following a strong reaction to the car.

Illustration. Among those criticizing the car were Italian's deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who said the car "risked the destruction of a legend". Ferrari's design chief Flavio Manzoni said in an interview in May that criticism was part of the innovation process and he was confident people would appreciate Luce.

The Company has not disclosed Luce's sales target but, according to the Times's Finance report, the company has achieved this year's target thanks to strong demand from China. Sotheby's said in a statement, externally that the vehicle being auctioned marked an "unbeatable opportunity" to own the firstLuceproduction car. The charity sale marks "a clear expression of innovation, responsibility and a long-term vision for future generations," said Sotheby's.

Bespoke Ferrari Daytona The SP3 supercar raised $26 million for the automaker's educational initiatives at auction in 2025. At the time, the car set an auction record for the highest price paid for a new car