A custom-built version of Ferrari's first all-electric model has sold for $40 million at a charity auction. This result has defied market skepticism and set a new record for a new car auction sale. The Sotheby's auction, held during Monterey Car Week in California, featured the "Tailor-Made" version of the Luce. Sotheby's described the lot as offering a "non-replicable opportunity," with the buyer receiving the first production chassis of the Luce project, featuring a unique semi-matte paint finish and other exclusive custom components. The auction house did not disclose the winning bidder's identity for the luxury vehicle, stating that the proceeds would be donated to the Ferrari Foundation, which oversees educational programs.
Ferrari's "Tailor Made" service is a high-end exclusive program that allows vehicles to be fully customized to the buyer's precise specifications. This sensational auction took place nearly three months after Ferrari unveiled its first all-electric model. The standard version of the car is priced at 550,000 euros (approximately $640,000). This new model departs from Ferrari's traditional design aesthetics; at the same time, other sports car manufacturers like Porsche and Lamborghini are scaling back their electric vehicle launch plans due to sluggish demand. The Luce received negative market feedback upon its release. Analysts cited "criticized design" and the market adage "buy the rumor, sell the fact," noting that Ferrari NV shares had already risen significantly before the new car's launch.
Ferrari NV CEO Benedetto Vigna stated at the time that the Maranello, Italy-based company respects the diverse needs and expectations of its customers. He added that existing customers would be interested in the Luce model, and this all-electric vehicle would also attract a new set of buyers for the company. Thanks to stronger-than-expected demand for personalization, Ferrari NV raised its full-year guidance last month, with its second-quarter results also exceeding Wall Street expectations. Ferrari NV shares, listed in Milan, have gained nearly 12% year-to-date.