Ferrari’s First EV Fetches $40 Million As Luce Finds New Life With Collectors

by News Editor

August 17, 2026

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.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.

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