Record-breaking! Ferrari (RACE.US) sells its first electric car Luce for $40 million, scarcity premium proven in the market again

According to Zhihui Finance APP, the first electric vehicle manufactured by Ferrari (RACE.US) sold at a Sotheby's auction for $40 million, setting a new record for the price of a new car at auction. The car, named "Chassis 0," is the first mass-produced model of Ferrari's Luce project and features an exclusive nameplate.

Ferrari stated that all proceeds from this charity auction will be donated to the Ferrari Foundation to support future educational philanthropic projects.

Luce is Ferrari's first mass-produced pure electric vehicle. This high-performance five-door, five-seat hatchback expands Ferrari's product line beyond its traditional two-seater and four-seat luxury touring cars. The Luce is equipped with four in-house developed permanent magnet synchronous motors, one for each wheel, delivering all-wheel drive and high-precision torque vector control.

Reports indicate that despite a starting price of about $640,000 and mixed reviews regarding its design, the Luce sold out its entire 2026 allocation (around 500 units) in less than two months after its release in May. It is reported that Chinese buyers and American technology entrepreneurs have shown particular interest in the Luce, thanks to Ferrari's targeted marketing initiatives. Luxury car analyst Scott Sherwood said, "Ferrari's marketing and customer insights far surpass many of its competitors."

Data shows that in the second quarter, Ferrari's adjusted EBITDA rose 7% year-on-year to 755 million euros, exceeding the market expectation of about 729 million euros; thanks to strong demand for limited edition models such as the F80 and higher-priced Purosangue four-seater versions, Ferrari also raised its full-year performance guidance.

Although Ferrari did not disclose Luce's sales figures separately in its financial report, the fact that the 2026 allocation sold out in less than two months indicates that electrification has not materially impacted Ferrari’s customer demand or its scarcity-driven system. With its unique luxury business model, Ferrari stands out among traditional car manufacturers, and its market valuation is now more aligned with leading luxury brands than with the automotive industry cycle.

As of press time on Monday pre-market US trading, Ferrari's share price had risen by 1.3%. The stock is up 14% so far this year, significantly outperforming European automakers such as Volkswagen and Mercedes-Benz.