Ferrari’s first electric car sells for record US$40 million despite design backlash

The one-off Ferrari Luce, designed by former Apple designer Jony Ive, became the most expensive new car ever sold at auction after fetching US$40 million at Monterey Car Week.

Ferrari’s first fully electric car was sold for a record US$40 million, making it the most expensive new car auctioned despite a backlash over its design.

First unveiled in May, Sotheby’s sold the Luce to an unnamed buyer at Monterey Car Week, an annual event in California where rare classic cars and luxury vehicles are showcased, according to the auction house.

The auctioned vehicle was a one-off, produced by Ferrari for its charitable arm. The Luce is designed by former Apple designer Sir Jony Ive, and a standard model is priced from €550,000 (US$744,425; S$951,382).

The Luce’s auction price, which far exceeded presale estimates of US$1.1 million, sets a record for a new car, surpassing the US$26 million paid for a one-off Ferrari Daytona SP3 at last year’s Monterey event.

Ferrari’s first EV remains short of the record for any car sold at auction, which was set instead by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe that sold for €135 million in 2022.

The Italian luxury-car maker said the sale was an “outstanding result” and that all proceeds would benefit its foundation’s educational programmes.

Ferrari polarised fans and investors with the EV launch in May, with critics arguing that its five-seat, battery-powered design marked too sharp a departure from the company’s traditional styling and eroded the marque’s identity.

Ferrari’s shares have since fully recovered but they fell more than 8 per cent on the day after the Luce was unveiled.

Within weeks of its launch, the carmaker’s longstanding chief marketing officer left the company, although Ferrari said his exit and replacement with a former BMW executive had been planned before the launch of the Luce.

Despite the controversy, the group has hit its 2026 sales target for the Luce. People with knowledge of the matter told the FT last month that Ferrari had been aiming to sell close to 500 units of the EV this year.

Uptake of the Luce was strong in China while the company received positive feedback from tech entrepreneurs, according to the people.

The auction price at the California event is further likely to encourage collectors, said analysts.

In a client note, James Grzinic, analyst at Jefferies, called the Luce’s first auction “a remarkable success”, saying that while this was a one-off vehicle, “collectors will certainly take note”.

Last month, the Italian luxury group became the only European carmaker to lift its full-year guidance with its order book covered for the whole of 2027 as it rides a wave of hyper-personalisation.

This article originally appeared in The Financial Times.