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The Lamborghini Huracan Performante lapped the Nurburgring in under 7 minutes

Lamborghini just released new footage of its Huracan Performante at the Nurburgring, and along with it some big news. The car managed to lap the 'Ring in a stunningly quick time of 6:52. That time puts it ahead of the Porsche 918 Spyder's record of 6:57 by a massive 5 seconds. It's also just 4 seconds shy of the Radical SR8LM, which barely qualifies as a street-legal car. Though the Huracan Performante isn't the first Lamborghini to crack the seven-minute mark at the Nurburgring, it's done it by the largest margin. The Aventador LP750-4 SV was the first Lambo under 7 minutes with a time of 6:59.73. Lamborghini hasn't released specifications for this new Huracan, but it reportedly produces 630 horsepower from a V10 engine, which is substantially less than its slower 740-horsepower Aventador SV sibling. Odds are it was helped on the track by lighter weight, and the reported active aerodynamics on-board. Check out the video above in its entirety. And then check back during the Geneva Show to see the full reveal of this monstrously fast Lambo. Related Video:

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.

Lamborghini hopes to keep combustion engines alive beyond 2030

FRANKFURT — Volkswagen's supercar brand Lamborghini is looking to keep combustion engine vehicles alive beyond the end of the decade, the unit's Chief Executive Stephan Winkelmann told a German weekly newspaper. "After hybridization, we will wait to see whether it will be possible to offer vehicles with an internal combustion engine beyond 2030," he told Welt am Sonntag. "One possibility would be to keep combustion engine vehicles alive via synthetic fuels." Winkelmann last month said Lamborghini planned to roll out its first fully electric model at the end of this decade, underscoring a more cautious approach after comments last year that a release was planned for second half of the decade. Lamborghini, as well as key rivals Ferrari, Aston Martin Lagonda and McLaren, are wrestling with how to shift their ranges to battery power without losing the high performance that supports their premium pricing. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.