From backlash to N54bn: Ferrari's first electric car shatters auction records

Ferrari's first electric vehicle, the Luce, has sold for $40 million (about N54 billion) at a charity auction in California. The sale at RM Sotheby's fetched more than 35 times the car's standard retail price, setting a world record for the highest price ever paid for a new car at auction.

Record sale for a one-of-a-kind Luce

The winning bidder was not identified by the auction house. All money raised from the sale will go towards educational programmes run by the Ferrari Foundation.

The auctioned model is no ordinary Luce. It carries a distinctive white finish, special wheels, and customised brakes, making it a one-of-a-kind version of the production car.

RM Sotheby's described the vehicle as an "unbeatable opportunity" to own the very first production unit of the model. The auction house called the sale a "tangible expression of innovation, responsibility, and long-term vision for future generations."

Critics and defenders after launch

The Luce was unveiled in May 2026 and was widely regarded as one of the most significant car launches in recent years. Designed by British iPhone designer Sir Jony Ive, the car marked Ferrari's entry into the electric vehicle market, a segment long dominated by Tesla and Chinese manufacturers.

However, the reception was far from universally warm. Ferrari's share price fell the day after the launch, driven in part by high-profile criticism of the car's design and direction.

Italy's deputy prime minister Matteo Salvini was among those who pushed back. Former Ferrari chairman Luca Cordero di Montezemolo also warned that the car was "risking the destruction of a legend."

Ferrari's chief design officer Flavio Manzoni pushed back against the critics in an interview in May. He said opposition is a natural part of the innovation process and that he was confident people would eventually come to appreciate the Luce.

Previous auction benchmarks

The $40 million figure comfortably surpasses the previous record for a new car sold at auction. In 2025, a bespoke Ferrari Daytona SP3 supercar raised $26 million, also in aid of Ferrari's education initiatives, setting the benchmark at the time.

In 2023, a 1962 Ferrari 250 GTO sports car sold for $51.7 million in New York, United States of America, making it one of the second most expensive cars ever sold at auction, according to Sotheby.

The all-time auction record across all car categories belongs to a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which sold for $142 million in 2022.

Burna Boy's Ferrari arrival in Nigeria

Meanwhile, Afrobeats superstar Burna Boy added a Ferrari Purosangue to his collection of luxury cars. Videos of the Grammy-nominated singer's new ride recently surfaced online, sparking conversations among netizens over its reported value.

Celebrity blogger Tunde Ednut confirmed that the Ferrari had arrived in Nigeria, claiming the high-end vehicle is worth about N1.8 billion.