Ferrari Luce Electric Car Sells for Record $40 Million at Charity Auction

A bespoke model of the Ferrari Luce electric car, the Italian carmaker's first fully electric vehicle, sold for $40 million at an RM Sotheby's charity auction, setting a record for a new car sold at auction, according to CNBC. The sale took place during Monterey Car Week in California, nearly three months after Ferrari unveiled the Luce.

RM Sotheby's described the lot as an "unrepeatable opportunity" to acquire the first production chassis of the Luce program, which featured a unique semi-gloss finish and other bespoke parts built through Ferrari's "tailor made" customization initiative. The auction house did not name the winning buyer. Proceeds from the sale will be donated to Ferrari's foundation supporting educational programs, according to CNBC.

The $40 million sale comes despite a mixed initial market reaction to the Ferrari Luce when it was unveiled roughly three months earlier. The standard Ferrari electric car was priced at 550,000 euros, or roughly $640,000, marking a significant departure from the design language typically associated with Ferrari's lineup.

Ferrari's move into fully electric vehicles came even as other luxury sports car manufacturers, including Porsche and Lamborghini, scaled back their own EV plans amid weaker-than-expected demand, according to CNBC. Analysts pointed to a combination of "design hate" and the market adage of "travel and arrive" to explain the negative reaction that followed the Luce's unveiling, noting Ferrari's stock price had already risen significantly ahead of launch.

Ferrari CEO Benedetto Vigna said at the time of the unveiling that the company respected the different needs and preferences of its customers, adding that existing Ferrari clients would likely be interested in the Luce, while the electric model could also attract new buyers to the brand.

Despite the early skepticism surrounding the Ferrari EV, the company raised its full-year guidance last month, citing stronger-than-expected demand for personalization options. Ferrari beat Wall Street's second-quarter expectations, and its Milan-listed shares are up nearly 12 percent so far this year, according to CNBC.

The record-setting Ferrari Luce auction highlights strong demand among top-tier collectors for exclusive, customized versions of the electric Ferrari. The $40 million sale also set a record for a new car sold at auction, according to CNBC.

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