Ferrari's electric shift: Luce record, criticism and rising shares

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Ferrari's electric shift

$40 million for a sports car

The first fully electric Ferrari Luce was sold for $40 million at a Sotheby’s charity auction in California. It is the highest price ever paid at auction for a new car, according to Bloomberg.

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The previous record also belonged to Ferrari. In 2025, a specially customized Daytona SP3 sold for $26 million. The Luce surpassed that figure by $14 million.

The car offered at auction was the first production example of the Luce, created through the Ferrari Tailor Made program. It received unique finishes and bespoke details prepared specifically for this vehicle. The buyer’s identity was not disclosed, while the proceeds will go to the Ferrari Foundation, which supports educational programs.

The base price of the Luce is around $640,000. This means the unique electric car sold for more than 60 times its standard price.

Ferrari fans push back against the EV

Ferrari’s transition to electric vehicles got off to a difficult start. Back in October 2025, the company revealed the first technical details of its future electric car, then known under the working name Elettrica. The model featured four electric motors producing more than 1,000 horsepower, acceleration from 0 to 100 km/h in about 2.5 seconds, and a range of around 530 km.

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The main debate was not about performance, but about the very idea of an electric Ferrari. For many owners, the sound of the engine remains an important part of the brand. One member of a Chinese Ferrari owners’ club said at the time that, with the same budget, he would always choose a gasoline-powered Ferrari over an electric one specifically because of the engine sound.

After the full unveiling of the Luce in May 2026, the reaction became even harsher. Among the critics was former Ferrari chairman Luca di Montezemolo, who led the company for more than two decades.

“We risk destroying a legend, and I am very sorry. I hope they at least remove the Prancing Horse from this car,” he said after the Luce presentation.

On the next trading day, Ferrari shares in Milan fell 8.4%, marking their biggest one-day decline of the year. On the NYSE, the company’s shares lost about 5.3%. Ferrari did not change its strategy, however, and CEO Benedetto Vigna said the company was pleased with the response from customers.

Betting on expensive models

Still, the stock decline proved temporary, while Ferrari’s financial performance remained strong. In the second quarter, the company generated about $2.23 billion in revenue, while adjusted EBITDA reached roughly $867 million, beating analysts’ expectations. At the end of July, Ferrari also raised its full-year 2026 revenue forecast from about $8.6 billion to $8.7 billion.

The company also improved its profit outlook. Ferrari now expects adjusted EBITDA of at least $3.41 billion in 2026. Benedetto Vigna specifically pointed to strong demand for vehicle personalization as one of the reasons for the higher forecast, with customers paying extra for custom colors, interior finishes and other options.

The F80 is also making a significant contribution. The 1,200-horsepower hybrid supercar costs around $4.1 million, and Ferrari will produce only 799 units. According to Citi analyst Harald Hendrikse, the company may have delivered between 60 and 70 F80s in the second quarter alone.

Another source of additional revenue is the Purosangue, Ferrari’s first four-door model. In April, the company introduced the more expensive Handling Speciale version with a naturally aspirated V12, revised driving settings and additional personalization options. Ferrari’s order book is already full through the end of 2027.

Investors stay on board

Ferrari’s strong financial results have also been accompanied by rising share prices. On the Milan exchange, the company’s shares traded at around €315 at the start of 2026 and are now near €360, a gain of roughly 14%. The trend on the NYSE is similar: the stock has risen from about $370 to $415, or around 12% since the beginning of the year.

So far, the shift toward electric vehicles has not prevented Ferrari from preserving the foundations of its business: scarcity, high prices and customers’ willingness to pay extra for exclusivity. The Luce still has to prove itself through regular deliveries and on the secondary market, but the record auction, demand for the model and rising shares suggest that launching an electric car has not made Ferrari less attractive to either buyers or investors.

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