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

Ferrari's first fully electric car, the "Luce," has fetched a record $40 million at auction, making it the most expensive new car ever sold despite criticism of its design. The one-off vehicle was auctioned at Monterey Car Week in California by Sotheby's to an unnamed buyer.

The Luce, designed by former Apple designer Sir Jony Ive, is priced from €550,000 for a standard model. Its auction price significantly surpassed presale estimates of $1.1 million. This sale sets a new record for a new car, eclipsing the $26 million paid for a one-off Ferrari Daytona SP3 last year.

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outstanding result

Ferrari called the sale an "outstanding result," with all proceeds benefiting its foundation's educational programs. The company had polarized fans and investors with the EV's unveiling in May, with critics arguing its five-seat, battery-powered design strayed too far from the marque's identity. Ferrari's shares dipped after the launch, and its chief marketing officer departed shortly after, though Ferrari stated his exit was planned.

Despite the controversy, Ferrari has met its 2026 sales target for the Luce, with strong uptake reported in China and positive feedback from tech entrepreneurs. Analysts believe the auction price will further encourage collectors. Jefferies analyst James Grzinic described the auction as a "remarkable success," noting that collectors would take note of this one-off vehicle.

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a remarkable success