Ferrari Luce EV sells for $40 million at charity auction, setting world record for new car

Record auction sale

Ferrari's first fully electric vehicle, the Luce, sold for $40 million (approximately €34.5 million) at a charity auction organized by RM Sotheby's during Monterey Car Week in California over the weekend. The bespoke "Tailor Made" version, designated "Chassis 0" as the first production chassis of the model, set a world record for a new car sold at auction, surpassing the $26 million achieved in 2025 by a one-off Ferrari Daytona SP3. The auction opened with a base price of $1.1 million. The entire proceeds will go to the Ferrari Foundation for education projects in the United States and around the world. The sold car featured a Madreperla iridescent semi-metallic paint, dedicated wheels, a modified braking system, and a white body, with light as the guiding theme of the entire project.

The buyer

While several sources, including ANSA and TVN24, reported that the buyer's identity was not disclosed, Fanpage and Il Fatto Quotidiano identified the purchaser as Herbert Wertheim, an American billionaire and philanthropist known in the United States as "Dr. Herbie." Wertheim built his fortune through Brain Power Inc., a company founded in 1970 specializing in polymers and coatings for optical lenses. His late-1960s patent for UV-absorbing tints for plastic ophthalmic lenses contributed to the widespread adoption of UV-protective eyewear. Il Fatto Quotidiano reported that Wertheim also purchased the Daytona SP3 sold last year for $26 million.

Controversial debut

Ferrari unveiled the Luce in May 2026 with a list price of €550,000 (approximately $636,400), triggering criticism and a drop in the company's share price the following day. The five-seat, four-door EV, with approximately 1,050 HP and a 0-100 km/h acceleration of 2.5 seconds, represents a departure from Ferrari's combustion-engine tradition. Critics included Italian deputy prime minister Matteo Salvini and former Ferrari president Luca Cordero di Montezemolo, who said the new model risked destroying the legend and called for the Prancing Horse logo to be removed from the car. The design, developed by Ferrari's design centre led by Flavio Manzoni in collaboration with LoveFrom, the studio founded by former Apple chief designer Jony Ive and including designer Marc Newson, divided opinion with its minimalist lines. Ferrari CEO Benedetto Vigna defended the car at the launch, arguing that customers needed to see and drive it in person to appreciate it.

Ferrari Luce has nothing in common with electric cars that you know from other manufacturers.

Sales recovery

Despite the backlash, Ferrari said last month it was "very pleased" with orders for the Luce, without providing specific figures. According to the Financial Times, citing two people familiar with the matter, Ferrari aimed to sell just under 500 units of the electric vehicle in 2026, a target reached by early July, driven by demand from Chinese customers. Ferrari's shares recovered after the company raised its full-year forecasts and reported solid results. On the day of the auction announcement, Ferrari's stock gained 1.4% in Milan. Among those invited to view the electric Ferrari before its public launch were Italian president Sergio Mattarella and Pope Leo.

Beneficiary projects

The $40 million proceeds will fund several education initiatives. These include the M-TECH Alfredo Ferrari training centre, set to open in Maranello in 2029 to develop automotive technology skills among talents from around the world. In the United States, the Ferrari Foundation will partner with Save the Children to rebuild the Aveson Charter School, damaged by the 2025 California wildfires. Additional programs include literacy and mathematics expansion in low-income areas of eastern Texas, and support for the Second Round Foundation, co-founded by three-time NBA All-Star Jalen Brunson, focused on education in disadvantaged urban areas of New York City.