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Record $40 Million Paid for New Ferrari Electric Car at Auction
๐Ÿ‡ท๐Ÿ‡ด Romania /Economy & Trade

Record $40 Million Paid for New Ferrari Electric Car at Auction

From Adevฤƒrul · () Romanian

Translated from Romanian, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • A custom Ferrari Luce electric car sold for $40 million at a charity auction, setting a new record for a new car sold at auction.
  • The car, part of Ferrari's exclusive 'Tailor Made' program, was auctioned by Sotheby's in California, with proceeds going to the Ferrari Children's Foundation.
  • The sale occurred months after the Luce's launch, which initially faced negative market reactions due to its design and Ferrari's electric strategy, despite the company improving financial forecasts.

A unique Ferrari Luce electric car fetched a record-breaking $40 million at a Sotheby's charity auction in California. This sale marks a new benchmark for a new vehicle sold at auction. The car, a personalized creation from Ferrari's 'Tailor Made' program, features a unique semi-gloss finish and bespoke elements.

The car, made through Ferrari's exclusive 'Tailor Made' program, was put up for auction by Sotheby's at Monterey Car Week in California.

โ€” News reportContext about the auction and the car's customization.

The proceeds from the sale will benefit the Ferrari Children's Foundation, supporting educational initiatives. The auction took place nearly three months after the Luce's unveiling, the Italian manufacturer's first all-electric model. While the car has a base price of around $640,000, the auction price highlights its exclusivity and charitable purpose.

The $40 million obtained will be donated to the Ferrari foundation, which finances educational programs.

โ€” News reportInformation on the charitable destination of the auction proceeds.

Initially, the Luce's launch met with a mixed reception. Investors expressed skepticism about Ferrari's electric vehicle strategy, and the car's design divided opinions, leading to a negative market reaction. This contrasts with the significant sum achieved at auction. Other luxury sports car manufacturers, like Porsche and Lamborghini, have also scaled back their electric model plans due to weaker demand.

The spectacular sale takes place almost three months after the presentation of the Luce, the Italian manufacturer's first all-electric model.

โ€” News reportTiming of the sale relative to the car's launch.

Ferrari CEO Benedetto Vigna has defended the company's electric strategy, emphasizing its commitment to catering to diverse customer preferences. The company anticipates the Luce will appeal to both existing Ferrari clientele and attract new buyers. Ferrari recently upgraded its full-year financial outlook, driven by better-than-expected quarterly results and strong demand for customization, with its Milan-listed shares rising nearly 12% year-to-date.

The car has a price of approximately 550,000 euros, equivalent to about 640,000 dollars.

โ€” News reportComparison of the auction price to the car's standard price.
DistantNews Editorial

Originally published by Adevฤƒrul in Romanian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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