Ferrari’s inaugural all-electric model, the Luce, sold for a staggering $40 million at a charity auction, setting a new record for the highest price ever paid for a new car at auction – 35 times its base price. Designed by British designer Jony Ive, famed for his work on the iPhone, the sale was conducted by RM Sotheby’s in California. The Luce initially faced criticism upon its May debut for deviating from traditional Ferrari designs with its five-seat layout and battery operation, leading some to believe it compromised the brand’s heritage. Proceeds from the auction will benefit Ferrari’s educational programs, with the buyer’s identity remaining confidential. Despite initial dips in stock price following the negative reception and critiques from prominent figures, Ferrari’s design director expressed confidence in the model’s future appeal. Financial Times reports strong demand in the Chinese market has allowed Ferrari to meet its sales targets for the year, and the brand consistently achieves high prices at auctions.