RESOLVING THE LEDGER
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Ferrari's first ever all-electric car has fetched $40m (£29.5m) in a charity sale, setting a record for a new car sold at auction.
The RM Sotheby's auction in California raised more than 35 times the usual price of a Ferrari Luce. The auction house said the "first production chassis" features a unique finish and bespoke parts.
The Luce, the brainchild of iPhone designer Sir Jony Ive , faced a backlash when it was launched in May as some commentators said it strayed from the marque's traditional designs and lost part of the brand's identity by being battery-powered and having five seats.
Sotheby's said all proceeds of the sale will be donated to the Ferrari Foundation's educational programmes.
Sotheby's did not name the buyer of the custom Luce. The BBC has contacted the auction house and Ferrari for more information.
The unveiling of the Luce was seen as one of the biggest launches of a new car in recent years.
It marked the prancing horse's first entry into the electric vehicle (EV) market - a sector dominated by Elon Musk's Tesla and China's carmakers .
Italian President Sergio Mattarella and Pope Leo were invited to view the luxury brand's new vehicle.
But Ferrari's shares dropped the day after the Luce's launch, following backlash over the car.
Amongst those criticising the car were Italy's deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who said the car was "risking the destruction of a legend".
Ferrari's chief design officer Flavio Manzoni said in an interview in May that critics are part of the innovation process and that he believed people would come to appreciate the Luce.
The company has not disclosed its target for Luce sales but, according to a Financial Times report, it has hit this year's goal thanks to strong demand from China.
Ferrari did not respond to a BBC request for comment on the FT's report.
Sotheby's said in a statement , external that the auctioned vehicle marked an "unbeatable opportunity" to own the first production car of the Luce.
The car has special wheels, customised brakes and a white finish.
The charity sale marks a "tangible expression of innovation, responsibility, and long-term vision for future generations," Sotheby's said.
Ferraris often attract some of the highest prices at car auctions.
A bespoke Ferrari Daytona SP3 supercar raised $26m for the carmaker's education initiatives at an auction in 2025. At the time it set an auction record for the highest-price paid for a new car.
The current record for the highest price paid at auction was an ultra-rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which was sold for $142m in 2022.
Ferrari wanted to take on Chinese EVs with the Luce - then the backlash started
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