Ferrari's first electric car sells for $40M at charity auction, setting new record for a new car at auction.

A bespoke model of Ferrari's first fully electric vehicle, the Luce, sold for $40 million at a charity auction, setting a record for the highest price paid for a new car at auction. The sale took place at Monterey Car Week, with proceeds benefiting Ferrari's educational foundation. This comes despite initial market skepticism and a negative reaction to the car's unveiling three months earlier. Ferrari has since raised its full-year guidance after beating Wall Street's Q2 expectations, signaling strong demand for personalized models and confidence in its electric vehicle strategy.