Ferrari (NYSE:RACE) has sold a unique, specially commissioned version of its first fully electric vehicle, the Luce, for $40 million at auction, with the proceeds set to fund education initiatives supporting young people.
The sale took place in partnership with RM Sotheby’s during Monterey Car Week and provides a high-profile boost for Ferrari as it works to build enthusiasm around its first battery-electric model.
Unveiled in May, the Luce represents one of the most significant departures from Ferrari’s traditional product strategy and was described as the most radical launch in the company’s history. Its initial reception, however, was relatively muted.
The five-seat, four-door electric vehicle carries a starting price of €550,000 ($638,400). Its unconventional design and move away from Ferrari’s combustion-engine heritage sparked considerable debate among enthusiasts, industry analysts and social media users.
The reaction raised questions over whether Ferrari’s wealthy customer base would embrace a fully electric model. Last month, however, the company said it was ’very pleased’ with orders for the Luce, although it did not disclose specific numbers.
“Chassis 0” sets new auction record
Ferrari said in a statement on Sunday that the specially created vehicle, known as “Chassis 0”, achieved a world-record auction price for a new car.
The one-off Luce was developed by Ferrari’s Tailor Made division together with its design centre, giving the vehicle bespoke characteristics that distinguish it from the standard production model.
Its $40 million sale price comfortably exceeded the previous benchmark set last year by a unique Ferrari Daytona SP3, which fetched $26 million at auction.
The result provides Ferrari with a significant publicity milestone as the company introduces electric propulsion into a brand historically defined by high-performance combustion engines.
Auction proceeds to support education
Ferrari said the proceeds from the $40 million sale will be directed towards education programmes in the United States and other markets through the Ferrari Foundation.
The charity element adds another dimension to the record-breaking transaction while allowing the manufacturer to use the launch of its first electric vehicle to support educational opportunities for younger generations.