This New Car Just Sold for $40M

Ferrari's leap into the electric era just delivered a shock to the auction world. The marque's first battery-powered model, the Luce, sold for $40 million at an RM Sotheby's charity sale in California—more than 35 times its typical price, setting a record for a new car sold at auction, per the BBC. It surpasses the $26 million sale of a one-off Ferrari Daytona SP3 last year, per Reuters. Designed by former Apple design chief Sir Jony Ive, the custom Luce comes with a unique white semi-gloss finish, special wheels, and bespoke brakes. Motor1.com names the buyer as billionaire investor Herbie Wertheim.

The sale follows a polarizing debut in May, when critics, including Italy's deputy prime minister and a former Ferrari chairman, warned the five-seater EV threatened Ferrari's heritage. Ferrari's design chief argued critics would appreciate the vehicle in time. The carmaker has already hit its Luce sales target for the year, thanks to strong interest in China, reports the Financial Times. Sotheby's called the auction an "unbeatable opportunity" to own the first production Luce, known as "Chassis 0." All proceeds go to the Ferrari Foundation's education programs.