Ferrari’s first fully electric vehicle has secured an unexpected place in automotive history, with a personalized version selling for $40 million at auction during Monterey Car Week in California.
The Sotheby’s sale set a record for a new car sold at auction. The winning buyer was not identified, while proceeds will go to Ferrari’s educational foundation.
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A One-Of-A-Kind Luce
The car was the first production chassis from Ferrari’s Luce program and was customized through the company’s exclusive “tailor made” program. Its specifications included a unique semi-gloss finish and other bespoke components.
Sotheby’s described the sale as a rare opportunity to acquire the first production Luce, making the car particularly attractive to collectors despite the skepticism that surrounded Ferrari’s move into electric vehicles.
Ferrari’s Controversial Electric Debut
Ferrari unveiled the Luce in May as its first fully electric model, with a starting price of €550,000, or roughly $640,000.
The launch represented a significant departure from Ferrari’s traditional approach and came as other luxury sports-car manufacturers, including Porsche and Lamborghini, scaled back their EV ambitions amid weaker-than-expected demand.
Investor reaction was initially negative, with analysts pointing to criticism of the Luce’s design and suggesting that Ferrari’s shares had already priced in much of the positive news ahead of the launch.
Ferrari CEO Benedetto Vigna defended the strategy, arguing that the company was responding to different customer preferences and that the electric model could attract both existing clients and new buyers.
Demand For Personalization Remains Strong
The $40 million sale suggests that, at least among collectors, the Luce can command far more than its standard price when combined with exclusivity and personalization.
Ferrari’s latest financial results also point to continued demand for customized vehicles. The company raised its full-year guidance in July after stronger-than-expected personalization demand helped it beat Wall Street’s second-quarter expectations.
Ferrari shares listed in Milan are up nearly 12% so far this year, suggesting that the initial skepticism surrounding its electric strategy has not derailed investor confidence.
