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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.

GM CEO Mary Barra predicts mass electrification will take decades

General Motors is allocating a substantial amount of money to the development of electric technology, but Mary Barra, the firm's CEO, conceded that battery-powered cars won't fully replace their gasoline-burning counterparts for several decades. She stressed the shift is ongoing, but she hinted it will be slower than many assume. "We believe the transition will happen over time," affirmed Barra on "Leadership Live with David Rubenstein," a talk show aired by Bloomberg Television. She added that not every car will be electric in 2040. "It will happen in a little bit longer period, but it will happen," she told the host. She was presumably talking about the United States market; the situation is markedly different in Europe and in China, where strict government regulations (and even stricter ones on the horizon) are accelerating the shift towards electric cars. On the surface, it doesn't look like General Motors has much invested in electrification; the only battery-powered model it sells in America in 2020 is the Chevrolet Bolt (pictured), which undeniably remains a niche vehicle. Sales totaled 16,418 units in 2019, meaning the Corvette beat it by about 1,500 sales. In comparison, Cadillac sold 35,424 examples of the aging last-generation Escalade during the same time period. And yet, the company isn't giving up. It has numerous electric models in the pipeline including a slightly larger version of the aforementioned Bolt, the much-hyped GMC Hummer pickup, and an electric crossover assigned to the Cadillac brand. These models (and others) will use the Ultium battery technology that General Motors is currently developing. Its engineers are also working on a modular platform capable of underpinning a wide variety of cars. Bringing these innovations to the market is a Herculean task. EVs may not take over for decades, but Barra and her team must believe their 2% market share will increase significantly in the coming years if they're approving these programs. Autonomous technology is even costlier, more complicated, and more time-consuming to develop. Barra nonetheless expects to see the first General Motors-built driverless vehicles on the road by 2025. "I definitely think it will happen within the next five years. Our Cruise team is continuing to develop technology so it's safer than a human driver. I think you'll see it clearly within five years," she said on the same talk show. Her statement is vague but realistic.

2019 GMC Sierra AT4 gives Raptor and Ram a new off-road rival

The 2019 GMC Sierra AT4 blends off-road hardware into a modern, thoroughly updated pickup truck that doesn't skimp on power, luxury, or safety equipment. From its higher suspension setup to its available carbon-fiber cargo bed and the new MultiPro tailgate, the 2019 Sierra AT4 is a direct shot across the bow — or cargo beds, if you prefer — of staunch rivals like the Ford F-150, Dodge Ram and Toyota Tundra. Revealed tonight in New York City, ahead of this week's New York International Auto Show, the truck may seem to be in a strange setting. Then again, with the amount of tire-swallowing potholes currently scattered around the Big Apple, a rugged truck like the Sierra AT4 could be the perfect vehicle for either off-road excursions or an especially bumpy commute. Riding two inches higher than the standard 2019 Sierra, the AT4 comes with standard features like all-wheel-drive with a two-speed transfer case, locking rear differential, Rancho monotube shock absorbers designed specifically for off-roading, along with skid plates and 18- or 20-inch alloy wheels fitted with all-terrain tires or optional, mud-loving Goodyear Wrangler Duratecs. Hill descent control and GMC's Traction Select system are also standard. The latter of these two lets the driver choose between preset drive modes, suitable for various types of terrain and weather conditions. The system then adjusts throttle response, shift points, and the electronic stability control according to each mode. Related: 2018 GMC Sierra 1500 buying guide "The 2019 Sierra AT4 is designed for the customer who wants an elevated presence on the road and the capability to venture off life's beaten path," said Duncan Aldred, vice president of Global GMC. "It's also the beginning for the AT4 brand, which will be seen on every vehicle in our lineup in the next two years." Based on the new 2019 Chevrolet Silverado, the GMC Sierra (including the AT4 model) looks to stand out from its corporate cousin in terms luxury touches, along with some subtle exterior details. For the AT4, these visible differences include a body color grill surround and bumpers. Meanwhile, the inner grille, front fog-lights and faux fender vents feature a black-chrome finish. It's not flashy, which is probably exactly what GMC wanted for its upscale truck. The standard engine is a 5.3-liter V8, though buyers can choose an optional 3.0-liter turbo-diesel inline-six or 6.2-liter V8.