Ferrari’s first electric car fetches record $40M – Business News
Ferrari’s first electric car has fetched a staggering $40 million at a charity public sale — shattering expectations after the novel new model was savaged by critics who mentioned it betrayed the legendary Italian automaker’s identification.
The eye-popping sale set a record for a new vehicle offered at public sale, in accordance with Ferrari — and got here much less than three months after the five-seater priced at $550,000 sparked a fierce backlash following its unveiling in May.
The Luce — Ferrari’s first totally electric manufacturing car — was developed with LoveFrom, the design firm based by former Apple design chief Jony Ive and Marc Newson.
The Ferrari Luce “Chassis 0” fetched $40 million at RM Sotheby’s Monterey public sale, setting a record for a new vehicle offered at public sale, in accordance with Ferrari. RM Sotheby’s
Critics blasted the battery-powered Ferrari’s unconventional exterior and questioned whether or not the four-door grand tourer appeared or felt like a Ferrari.
The backlash was extreme enough to rattle buyers.
Ferrari shares closed 8% decrease in Milan on the first trading day after the outside was unveiled, whereas its New York-listed shares have been down 5% late within the session.
Former Ferrari chairman Luca di Montezemolo joined the pile-on, saying he hoped the company would take away its iconic prancing-horse badge from the vehicle.
Ferrari later conceded that the depth of the response caught the company off guard.
Ferrari’s first totally electric manufacturing car drew fierce criticism after its May unveiling, with detractors questioning whether or not the Luce strayed too removed from the automaker’s conventional identification. RM Sotheby’s
Global advertising and marketing director Emanuele Carando mentioned the automaker anticipated a polarizing response however “didn’t expect such a magnitude” of negativity.
Ferrari product chief Gianmaria Fulgenzi individually mentioned the Luce “needs to be digested.”
Yet the public sale confirmed that the controversy did little to discourage not less than one purchaser from paying an extraordinary premium for the first manufacturing chassis.
The Luce is Ferrari’s first totally electric manufacturing model and is predicted to start reaching prospects within the fourth quarter of 2026. ZUMAPRESS.com
According to The Autopian, bidding started at about $1 million and rapidly surged into eight figures earlier than ultimately reaching $40 million.
The outlet, whose writer Matt Hardigree witnessed the public sale, reported that bidding appeared to stall round $30 million earlier than climbing again, with the eventual purchaser, who was not named, leaping from $36 million to the profitable $40 million bid.
Ferrari mentioned all proceeds from the sale with go towards academic initiatives, by way of the Ferrari Foundation.
The charity car was created by Ferrari’s Tailor Made customization operation, with a pearlescent exterior developed to change look as lighting and viewing angles shift.
Despite the backlash surrounding its debut, Ferrari has mentioned orders for the Luce are “in line with our expectations.” REUTERS
Ferrari additionally gave Chassis 0 a specifically configured light-colored cabin and a sequence of particulars distinctive to the car, together with its wheels, brake calipers and badging.
Its cabin options Perla-colored metallic leather-based produced from specifically chosen Swiss hides, whereas Ferrari fitted the vehicle with devoted wheels, bespoke brake calipers and particular badging on an optical-white background.
The vehicle carries a plaque denoting its place on the head of the Luce manufacturing run.
Former Apple design chief Jony Ive co-founded LoveFrom, the design firm that collaborated with Ferrari on the Luce. Evan Agostini/Invision/AP
Its new proprietor must wait earlier than taking the journey for a drive. The car is slated to go back to Ferrari in Maranello following the public sale, earlier than being handed over during the first quarter of 2027.
The sale additionally eclipsed the $26 million fetched by a specifically commissioned Ferrari Daytona SP3 at a charity public sale in 2025.
Despite the hostile response that adopted the Luce’s unveiling, Ferrari has mentioned demand for the controversial EV is assembly its projections.
Chief Executive Benedetto Vigna mentioned in late July that orders have been “in line with our expectations” and coming from each present Ferrari shoppers and first-time prospects.
The Financial Times individually reported that Ferrari had already reached its 2026 objective of just below 500 Luces in much less than two months, helped by demand from China, though Ferrari didn’t verify the exact determine.
