Ferrari's first electric car sold for record $40m
Ferrari's first all-electric car, the Luce designed with Sir Jony Ive, fetched a record $40m at a Sotheby's charity auction amid mixed reviews.
Stock photo for illustration only, not from the actual event
- Ferrari's first electric car sold for a record $40m (£29.5m) at a charity auction
- The Luce was co-created with former Apple iPhone designer Sir Jony Ive
- All proceeds will be donated to the Ferrari Foundation's educational programs
- Sales targets met this year driven by strong demand from Chinese buyers
Ferrari's very first battery-powered car has fetched $40m, equivalent to £29.5m, during a charity sale hosted by Sotheby's, breaking the auction record for a newly manufactured vehicle. All proceeds generated from this customized luxury car will directly fund the educational programs run by the Ferrari Foundation.
The Luce, created in collaboration with renowned iPhone designer Sir Jony Ive, faced considerable backlash upon its debut back in May. Industry commentators argued that the vehicle deviated too far from the Italian marque's iconic design heritage by adopting a five-seat layout and full electric propulsion.
The reveal of the Luce stands out as one of the most prominent automotive launches in recent years. Italian President Sergio Mattarella and Pope Leo were among the distinguished guests invited to examine the luxury manufacturer's innovative vehicle up close.
Stock photo for illustration only, not from the actual event
"Critics are part of the innovation process and that he believed people would come to appreciate the Luce."
Sotheby's chose to keep the identity of the custom Luce's buyer confidential. The BBC reached out to both the auction house and Ferrari for further clarifications, while Ferrari's shares experienced a temporary dip the day after the vehicle was officially unveiled to the public.
This milestone release highlights Ferrari's strategic shift toward electrification as legacy automakers strive to compete with emerging EV markets, particularly in China. Balancing brand heritage with modern sustainable technology remains a critical transition for ultra-luxury brands.
Flavio Manzoni, Ferrari's chief design officer, stated in a May interview that negative critics form a natural part of the innovation cycle and expressed confidence that enthusiasts will eventually embrace the Luce.
Source: BBC Business
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