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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.

Submit your questions for Autoblog Podcast #316 LIVE!

We record Autoblog Podcast #316 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #316
2013 Detroit Auto Show

GM hard at work on Chevy Silverado and GMC Sierra PHEV pickups

Autoweek heard from sources at General Motors and Ford about how each automaker is addressing the dip in EV enthusiasm and sales. At General Motors, AW reports, "plug-in hybrid versions of the Chevrolet Silverado and GMC Sierra are headed to market, in a hurry." The sources gave no timeline for when the trucks might appear. GM CEO Mary Barra told analysts during GM's Q4 2023 earnings call, "Let me be clear, GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but in the interim, deploying plug-in technology in strategic segments will deliver some of the environmental benefits of EVs as the nation continues to build its charging infrastructure."  It's too soon to predict how the Chevy Silverado EV and GMC Sierra EV will fare on the market, the Silverado EV Work Truck still the only one available to customers. It might be better for GM if they're not too popular at first, the automaker's cautious EV production ramp-up and recent software setbacks responsible for some still-healthy reservation rolls. Barra said the company plans to build between 200,000 and 300,000 EVs, this year, which would clear that backlog. Heading into the end of February, with the Chevy Bolt out of the picture and additional EV pickup production pushed to 2025, our Spidey senses feel those are optimistic numbers. The Chevy Bolt was the third-best-selling EV in the U.S. last year, at 62,044 units. GM didn't have another vehicle in the top ten. Furthermore, the combined sales of every EV in the top ten after the Bolt — seven models from six manufacturers — is only just over 200,000 units. The Blazer EV and Equinox EV could make it happen, but there's no way Chevy wants to rush those, the Blazer EV still in software purgatory.   The report speaks of collateral damage, GM said to have canceled an electric pickup sized below the Ford Maverick and Hyundai Santa Cruz. Automotive News said it saw the truck in January 2023, describing it as a futuristic two-door with a low roof and a 4.5-foot cargo bed. A new full-size van program supposedly got the axe as well, eliminating the plan to put a new Chevy Express and GMC Savana on a Brightdrop EV chassis. Over at Ford, AW says its sources mentioned another canceled midsizer; Ford's apparently stopped working on an EV pickup sized a bit below the Nissan Frontier.