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Weekly Recap: Geneva's splendor reflects growing demand for ultra-luxury cars

Geneva is one of the most glittering auto shows in the world, but the list of high-powered and bespoke luxury cars was decadent this year even by the rich standards of the Swiss exhibition. It's great for enthusiasts to revel in the flame-throwing Aston Martin Vulcan, the racing-inspired elegance of the Bentley EXP 10 Speed 6 concept and the insane performance of the Lamborghini Aventador LP 750-4 Superveloce, but there's a reason for all of this opulence: the luxury market is big business. And it's growing. IHS Automotive forecasts that so-called ultra-premium sales will nearly triple this decade from 123,000 to 353,000 units around the world. The estimate includes brands like Aston Martin, Bentley, Ferrari and Rolls-Royce, but doesn't count BMW, Mercedes and Audi, which offer less expensive models in addition to their high-end flagships. Though IHS includes Porsche and its relatively large volume in the study, the ultra-premium segment is still set grow at about the same rate, even without the German automaker's figures. So what is propelling all of this growth in the most expensive segment of the auto industry? Put simply, there's more rich people. IHS Automotive principal analyst Tim Urquhart pointed to economic expansion in China, market recovery in the United States and a surge in the lucrative technology sector as contributing factors. This dovetails with a research report by UK-based Oxfam, an international relief organization, which found the world's richest one-percent owned 48 percent of global wealth in 2014, and it's expected to increase to more than 50 percent by 2016. View 17 Photos Carmakers are moving quickly to capitalize with new products, expanding their portfolios with low-volume speedsters like the 800-hp V12 Vulcan at Geneva, and plans to enter new segments, like Rolls-Royce's strategy to make an SUV. "Ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments," Urquhart wrote in a report on the Geneva show. In a nutshell, there are more choices for people with more money. It's a good time to have expensive taste. Other News & Notes 2016 Mazda MX-5 Miata production launches It won't be long now. The 2016 Mazda MX-5 Miata arrives later this year, and it's officially in production. Mazda announced this week that the roadster began rolling off the assembly line at its Ujina factory in Hiroshima, Japan.

EVs still burning aboard ship carrying luxury cars near Azores

LISBON — Heavy tug boats on Tuesday sprayed water on a burning ship carrying thousands of Porsches and Bentleys adrift off the coast of Portugal's Azores islands, the ship's manager said in a statement. The Felicity Ace, carrying around 4,000 vehicles including Porsches, Audis and Bentleys, some with lithium-ion batteries, caught fire on Wednesday last week. The 22 crew members on board were evacuated the same day. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement the vessel was still on fire but stable, and that no oil leak had been reported so far. It also said the ship was drifting further from the Azores islands in the Atlantic Ocean. Two large tug boats equipped with firefighting gear arrived from Gibraltar on Monday, and were working with another patrol boat to spray water at the Felicity Ace and cool it down, MOL said. The arrival of two other tug boats with more firefighting equipment is scheduled for Feb. 23 and Feb. 26. "Together with the all relevant parties, MOL is making every effort to contain the damage and resolve the situation as soon as possible," MOL said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said on Sunday the fire had lost its intensity, probably because there was little left to burn. Cabecas said as the fire subsides and the structure cools down, firefighting teams and technicians might be able to board the vessel to prepare to tow it either to Europe or the Bahamas. "When conditions are safe the salvage team will board the Felicity Ace for an initial assessment," MOL added. Cabecas told Reuters over the weekend the lithium-ion batteries in the electric vehicles were "keeping the fire alive." It was not clear whether the batteries had caused the fire. MOL did not immediately respond to a Reuters request for comment on the cause of the fire. Volkswagen, which owns the car brands, said on Monday it did not have any further information to share. Green Bentley Porsche Volkswagen Electric Luxury ev fire

Ultra-luxury automakers like Bentley and Rolls-Royce need to hurry up with EVs

In the five years that I've worked at Autoblog, I've read a lot of press releases. They're all pretty flowery and self-serving, but the ones that go the extra distance with lavish words and pompous phrasing tend to come from the most luxurious brands, Bentley and Rolls-Royce. And something that they both love talking about is sustainably sourced materials for their vehicles. The descriptions read like they've seen the light about using resources responsibly. That would be great, except for one thing: There's nothing sustainable about multi-ton land yachts with eight or more cylinders. Only one of Bentley's models can be had with fuel economy better than 20 mpg combined when running on gasoline, and guess what, it's not one of the brand's two plug-in hybrids (which are to be commended, but still seem half-hearted when we're talking serious sustainability). And Rolls-Royce is even worse without a single model even hitting 15 mpg combined. These automakers should have at least one EV model apiece. Apparently, there are some coming, but they're still years away, and that frankly shocks and frustrates me for a number of reasons. One of the big ones is that these brands couldn't be better suited to electric propulsion. What makes these cars impressive is their refinement and performance. You can't get much better in either of those categories than with beefy electric motors, which provide nearly silent operation with no gear changes and enormous power and torque ratings. And it's all achievable with a lot less effort than making an 8- or 12-cylinder internal combustion engine quiet and smooth. Sure, battery technology is complicated, and it's expensive and heavy, but all of that is covered by these brand's typical products. They can command prices that would easily absorb the cost of batteries. And the size and weight of current cars mean that loading them up with batteries to achieve range comparable to their gas models wouldn't be a problem, either. Heck, that's the exact strategy being used by GM and Ford to get huge range in their electric trucks. 2020 Porsche Taycan Turbo S View 41 Photos And the cost of the EV technology shouldn't even be that great for Bentley or Rolls-Royce, since they're both owned by companies that are leaders in electric car development with existing technology and the ability to spread costs out over various brands.