Ferrari's first all-electric car, which faced design criticism and a share-price drop right after its debut, has reversed the mood in just three months. A one-of-a-kind custom model sold for $40 million (about 55.6 billion won), setting a new record for the highest price ever paid for a new car at auction.
According to CNBC and auction house RM Sotheby's, the custom version of Ferrari's first all-electric car, the "Luce," sold for $40 million at the "Monterey Car Week" auction in California. It marks the highest price ever for a new car sold at auction.
The vehicle differs from the standard Luce model. Built as a single unit through Ferrari's bespoke program "Tailor Made," it was named "Chassis 0" to signify the first production chassis of the Luce program.
The exterior features a "Madreperla Semi Gloss" paint that shifts in color from green to purple depending on the viewing angle and light intensity. It also comes with dedicated wheels, custom brake calipers and a special white-background Ferrari badge.
The interior was also made separately. It uses "Perla"-colored Le Mans metallic leather crafted from select Swiss leather, with a "Grigio Corbara" color applied in place of the usual black trim.
The winning bidder was not disclosed. RM Sotheby's waived the buyer's premium for the auction, and the entire proceeds will go toward the Ferrari Foundation's education programs.
The buyer will not take the car right away. After the auction, the vehicle returns to Ferrari's headquarters in Maranello, Italy, with final delivery scheduled for the first quarter of 2027.
The car was built to U.S. specifications. Had a buyer outside the United States won the bid, the buyer would bear the costs of the export and import procedures and adjustments to meet local standards.
First EV Panned on Design Reverses Course in Three Months
The record sale came about three months after Ferrari first unveiled the Luce.
The Luce is the first all-electric car in the history of Ferrari's "Prancing Horse." Its base price was set at 550,000 euros (about 890 million won). The winning bid for this custom vehicle was well over 60 times the base price.
The start was not smooth. The Luce drew mixed reviews right after its debut, appearing with a design markedly different from the one familiar in existing Ferraris. There were even negative reactions to the design in the market.
Ferrari's shares had risen on anticipation ahead of the unveiling, but fell after the actual car was shown. Some analysts pointed to the design criticism and to profit-taking after expectations had already been priced into the stock before the debut.
The environment surrounding the electric sports-car market is also challenging. Ferrari entered the all-electric market even as other sports-car makers such as Porsche and Lamborghini scaled back or adjusted their launch plans, citing weaker-than-expected demand for electric vehicles.
Ferrari CEO Benedetto Vigna said at the unveiling of the Luce that the company respects that each customer wants something different, adding that existing Ferrari customers would take an interest in the Luce and that the EV could also attract new customers.
There have been positive signs in recent earnings as well. Ferrari raised its annual outlook after its second-quarter results announced last month beat Wall Street estimates, citing stronger-than-expected demand from customers for vehicle customization. Ferrari's shares, listed on the Milan exchange, are up about 12% this year.
