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

Ferrari's first-ever electric car has fetched $40 million (£29.5 million) at a charity auction, setting a record for a new vehicle sold at auction.

Ferrari's first-ever electric vehicle, the Luce, fetched $40 million at a charity auction in California, with proceeds benefiting educational programs. [Photo: Ferrari]

The sale of the Ferrari Luce — a project involving British iPhone designer Sir Jony Ive — raised more than 35 times the vehicle's usual price at the event held by RM Sotheby's in California, Osmond Chia reported for BBC News.

The Luce faced a backlash when it was unveiled in May.

Some commentators argued that it departed from Ferrari's traditional design language and weakened the brand's identity by being battery-powered and having five seats.

RM Sotheby's said all proceeds from the sale would be donated to the Ferrari Foundation's educational programs.

The auction house did not identify the buyer of the custom Luce, which features a unique finish and bespoke components.

The unveiling of the Luce was regarded as one of the biggest new-car launches in recent years. It marked Ferrari's first entry into the electric-vehicle market, a sector dominated by companies including Tesla and Chinese automakers.

Italian President Sergio Mattarella and Pope Leo were among the high-profile figures invited to view the luxury automaker's new vehicle.