Ferrari's First Electric Car Sells for Record $40 Million at Auction

Ferrari, known for its high-performance gasoline cars, revealed its first all-electric model, the Luce, in 2026. The car was developed as part of Ferrari's broader move toward electrification, a trend reshaping the global automotive industry.

The Luce was designed by Jony Ive, the former chief designer at Apple, and his agency. Its styling drew criticism from some Ferrari fans and industry observers, with several outlets reporting that the design was divisive. Despite the negative reviews, anticipation was high for the model's debut, especially since it was a one-of-a-kind prototype, known as 'Chassis 0.'

On August 16, 2026, the Luce was auctioned at a charity event in California. The car quickly became the centerpiece of the auction, with bidding far surpassing the initial estimate of around $640,000 (according to Gizmodo Tech).

The winning bid reached $40 million, making it the most expensive new car ever sold at auction, as reported by the BBC and other outlets. The sale price was over 35 times the typical value of a new Ferrari, setting a record for both the brand and the broader automotive market.

The buyer was revealed to be Dr. Herbert Wertheim, an 87-year-old billionaire, optometrist, inventor, and philanthropist. According to elEconomista.es and Fanpage, Wertheim's purchase surprised many, as he is not a typical collector seen at such high-profile car auctions.

The auction took place as Ferrari's stock experienced volatility. The Telegraph and Quartz reported that Ferrari's share price dropped by over 7% following criticism of the Luce's design. However, the record-breaking sale helped steady investor confidence, with outlets like CNBC International noting a rebound in Ferrari shares after the auction.

The Ferrari Luce 'Chassis 0' will return to Ferrari's factory for final assembly and custom touches before being delivered to Dr. Wertheim. Despite owning the car, Wertheim told the Daily Mail he has no plans to drive it, suggesting the Luce will remain a collector's item.

The $40 million raised at the auction will support the Ferrari Foundation's educational and community programs, according to Euronews. For Ferrari, the sale marks a historic entry into the electric vehicle market and a demonstration of the brand's appeal to both collectors and philanthropists, even amid controversy.

Attention will now turn to Ferrari's future electric models and whether the company can maintain its reputation for luxury and performance as it expands beyond gasoline engines. The reception of the Luce may influence both investor sentiment and the direction of Ferrari's EV designs going forward.