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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 raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.

Torque time | 2017 GMC Sierra HD First Drive

It's not the truck that counts, it's how you use it. It's the heavy stuff you fit in its bed or the extremely heavy stuff that gets hooked up to the tow hitch. The ATV, the Jet Skis, the trailer with more square footage than a Greenwich Village apartment. Perhaps you need to get Seabiscuit or, uh, Mr. Ed to wherever they need to gallop next. In our case, there's a pair of very serious-looking snowmobiles perched atop the bed of a GMC Sierra. They spread out as wide as the extended tow mirrors, and their back halves are dangling precariously beyond the truck. Sterling Archer would be giddy; I'm a little nervous. But only because canyon roads and wide vehicles with a high center of gravity go together like peas and custard. The added weight is no sweat at all. That's because this is the 2017 GMC Sierra HD Denali, a truck with the sort of enhanced power, torque, suspension, and stopping capability expected of a heavy-duty pickup. And for this year, the power and torque get a serious bump courtesy of a new 6.6-liter Duramax turbodiesel engine reengineered from almost the ground up with 90 percent new parts. It's quieter and more efficient and it emits less, while most importantly producing 445 horsepower and 910 pound-feet of torque. That's up from 397 and 765, respectively. Chevy fans will note that the same engine is also available in the updated 2017 Silverado HD. Now, for those keeping score at home, that horsepower is best-in-class but the torque number still falls short of the new Ford Super Duty and its Power Stroke diesel V8's 925 lb-ft. Aw shucks. For the record, GM's engineers didn't seem too concerned that they weren't able to eke out an extra 16 torques just to say they're No. 1. "We wanted to first meet emissions and then deliver the maximum horsepower and torque we could, and deliver it over the widest usability range possible," said chief engineer Eric Stanczak. And let's be honest here, 910 pound-feet is herculean, and once again, a jump of 145 lb-ft. Or one Subaru Impreza's worth. Or 110 more than the best Ram can do on a 2500, and its Cummins turbodiesel's 800 pound-feet was eye-popping not too long ago. (The Ram 3500 maxes out at 900 lb-ft with the right transmission.) Ah, but here's the rub. That Cummins-equipped Ram 2500 can still tow more weight according to SAE-compliant measurements – 17,510 pounds for a Ram crew cab with a short bed versus 13,000 in the similar Sierra 2500. The Ford F-250 can manage 15,000.