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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.

GMC offers more 2024 Hummer EV SUV details, photos

GMC has shared more details about its 2024 Hummer EV SUV after its debut during the NCAA Final Four tournament. The SUV which follows the Hummer EV pickup, is smaller, more maneuverable and has a few features the truck doesn’t. GM says itÂ’s meant to strike a balance between off-road capability and on-road driving. GM also says Edition 1 reservations are already sold out. Compared to the truck, the Hummer SUV has a wheelbase about 9 inches shorter. With four-wheel steering, its turning circle is just 35.4 feet, which GM emphasizes is tighter than that of the Ford Mustang Mach-E (38.1 feet). ItÂ’s also less than the Hummer pickupÂ’s 37.1-foot turning circle. The SUV, which, at 196.8 inches long, is 20 inches shorter than the truck overall. It also features a much shorter rear overhang, at 35.5 inches. While thatÂ’s all helpful maneuvering through city traffic or suburban parking lots, it also provides advantages off-road. It has an approach angle of 49.6 degrees, a 49.0-degree departure angle and a 34.4-degree breakover angle. Suspension travel is 13 inches front and rear, with 16 inches of maximum ground clearance thanks to its Extract Mode that temporarily raises the vehicle to get out of tricky terrain. It can ford water 32 inches deep. It also features the same CrabWalk mode as the pickup. Available Ultravision provides 17 cameras, including underbody views to help navigate the trail. The Hummer SUV benefits from an enclosed cargo area behind the second row of seats. It still features the Infinity Roof with removable panels above the two seating rows to essentially turn the SUV into a convertible. At the rear is a swing-out tailgate that opens wider than the width of the vehicle. A spare tire rides on the tailgate as well. With the rear seats folded, cargo volume peaks at 81.8 cubic feet.  Additional hidden storage space is found below the recycled rubber floor mat, which features a design inspired by the moonÂ’s Sea of Tranquility (that's where Apollo 11 landed). As for technology, the Hummer SUV gets a 13.4-inch infotainment screen, plus a 12.3-inch instrument display in front of the driver. Fourteen cameras come standard, and the aforementioned Ultravision provides a total of 17 cameras, including a surround view. The MyGMC mobile app offers satellite rendered trail maps that can also help manage energy consumption off-road and make sure you have enough juice to make it to a charger when finished.

Weekly Recap: Hyundai scores NFL sponsorship after GM exits

Hyundai replaced General Motors as the official automotive sponsor of the NFL with a four-season deal that was announced this week. Hyundai gets exclusive sponsorship rights for mainstream and luxury cars, though not for pickups – as it doesn't have one in its current portfolio. "There may be another automotive truck sponsor, but not one that competes with our vehicle lineup," a Hyundai spokesman said in an email. That leaves the door open for another truckmaker to enter the fray. GM used the NFL to promote its GMC division, which makes pickups and sport-utility vehicles. The Detroit automaker decided to quit the sponsorship, which it had held since 2001, a GM spokesman said. Financials were not released, but ESPN said the sponsorship will cost Hyundai $50 million a year, double what GM paid. It gives Hyundai access to NFL trademarks for use in its marketing and advertising, and Hyundai will provide promotional vehicles to the league for the Super Bowl and other events. Hyundai celebrated the agreement by lighting up its Fountain Valley, CA, headquarters this week with a football field and the NFL logo. Hyundai's sister company, Kia, is the official automotive sponsor of the NBA. "We are huge football fans at Hyundai and feel there is no better venue to reach consumers, increase consideration, and tell the Hyundai brand story," Hyundai Motor America CEO Dave Zuchowski said in a statement. Hyundai will officially kick off its sponsorship when the NFL season begins on Sept. 10 with a primetime game featuring the Pittsburgh Steelers and the Super Bowl champion New England Patriots. OTHER NEWS & NOTES Toyota Mirai rated at 67 mpge, 312-mile range The Environmental Protection Agency gave the Toyota Mirai hydrogen fuel cell electric car a 67-miles-per-gallon-equivalent rating. The figure is for city, highway, and combined driving. The EPA also said the Mirai will have a 312-mile range. The sedan will arrive in dealerships in California this fall and will cost $57,500, though incentives can drop the price significantly. The Mirai will also be offered as a $499-per-month lease. Both come with three years or $15,000 worth of free fuel. Toyota plans to expand sales to the Northeast United States later. Toyota's top female exec resigns in wake of arrest Meanwhile, in other Toyota news, the automaker's communications chief and top female executive, Julie Hamp, resigned.