Ferrari's First EV Sells for $40 Million at Charity Auction, Shattering Records

A one-of-a-kind version of Ferrari’s first fully electric vehicle just fetched $40 million at a charity auction, brushing aside months of market doubt and setting a new record for a car sold new at auction.

The sale took place through Sotheby’s during Monterey Car Week in California, where the “Tailor Made” Luce was billed as an “unrepeatable opportunity” — the first production chassis to roll out of the Luce program, finished with a distinctive semi-gloss coat and a host of custom touches found nowhere else.

The buyer’s identity wasn’t disclosed. What is known is that every dollar raised is headed to Ferrari’s charitable foundation, which funds educational programs. The car itself came out of Ferrari’s Tailor Made division, a bespoke arm of the company that builds vehicles to a client’s exact specifications.

The eye-popping sale arrives just under three months after Ferrari first pulled the wraps off the Luce, its debut all-electric model, carrying a price tag of 550,000 euros — around $640,000. The car marked a real departure from Ferrari’s signature look, arriving at a time when rivals like Porsche and Lamborghini have actually been pulling back on their own EV ambitions amid soft demand.

That original reveal didn’t go smoothly. The Luce’s design drew sharp criticism, and Ferrari’s stock took a hit — something analysts chalked up to a combination of “design hate” and the old market saying “travel and arrive,” pointing out that Ferrari’s share price had already climbed substantially in the run-up to launch.

At the time, Ferrari CEO Benedetto Vigna pushed back on the backlash, saying the company recognized its customers have a range of tastes and needs. He argued that longtime buyers would still find the Luce appealing, while the EV could also open the door to an entirely new set of customers.

Since then, the numbers have told a different story. Ferrari raised its full-year guidance last month, pointing to stronger-than-expected demand for personalization, after posting second-quarter results that topped Wall Street’s forecasts. The company’s Milan-listed shares are now up nearly 12% year-to-date.