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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.

Buick Velite is a not-so-Volt-like plug-in hybrid concept for China

Is the Buick Velite a Volt by any other name? That's a question worth asking after General Motors said that the Buick Velite concept vehicle will make its global debut at the Guangzhou Auto Show later this month. GM says the car "will provide a template for upcoming models being launched under the Buick Blue new energy vehicle strategy." Whether that means the Velite is a variant of the second-generation of the Chevrolet Volt extended-range plug-in is open to interpretation. Some automotive publications, including Autoweek, are saying that's the case, but GM China doesn't mention the Volt in its press release, only saying that the car is a "high-performance" plug-in hybrid vehicle. As we know, GM doesn't use the "PHEV" descriptor for the Volt, which makes us thing the Velite's powertrain is more like the Cadillac CT6 PHEV. Either way, the concept was developed by the Pan Asia Technical Automotive Center (PATAC), which is a joint venture between GM and Shanghai-based SAIC. As far as the name, GM has been shopping the Velite moniker around for a while now. The automaker first used Buick Velite for the convertible concept vehicle it showed off at the 2004 New York Auto Show. More recently, GM in 2014 filed to use the name for the US variant of its Opel Cascada four-seat convertible model, which debuted in 2013. As for the second-generation version of the Volt, that model appears to be gaining favor in the US. Domestic sales of the Volt through October have surged 64 percent from a year earlier to more than 18,500 units. The new version boosted its all-electric range by 40 percent to 53 miles while increasing its power output by 20 percent. Related Video: News Source: General Motors via Autoweek, Automotive News-sub.req. Green Buick Chevrolet Electric Hybrid PHEV buick velite

Recharge Wrap-up: Renault Zoe recall, Proterra buses log 2M miles

Renault is recalling 10,649 examples of its Zoe electric car for potential brake hose failure. Cars built at the company's Flins factory between the Zoe's 2012 introduction and October 6, 2014 - a quarter of all Zoes ever built - are subject to the recall, though no accidents have been reported from rupturing brake lines. Recalled vehicles will have the brake hose positions inspected and, if need be, fixed. Read more from Reuters. Proposed legislation in Massachusetts would make the state even more EV friendly. While the state already encourages EV adoption with a $2,500 rebate incentive, the new bill would give battery electric vehicle drivers HOV lane access. Additionally it would set up a standard building code for EV chargers, and allow EV-only parking spaces. "With decreased gas prices, a 10 percent increase in vehicle miles traveled over the last 20 years, and a carpool rate below the national average, we must address personal vehicle use directly as part of our transportation emissions reduction strategy," says Rep. Frank Smizik. Read more from Teslarati. The New York Daily News has named the 2016 Chevrolet Volt as its "Green Machine of the Year." Seamless operation, peppiness, and a nice suite of equipment make it a top choice for the publication. "The 2016 Chevrolet Volt is all new, inside and out, and takes the plug-in hybrid segment to another level, thanks to its increased EV range, updated cabin, and more efficient gas-powered engine," writes Daily News Autos writer (and all-around good guy) Nick Kurczewski. Honorable mentions go to the Tesla Model S, BMW i3, Toyota Prius, and the hydrogen-powered Toyota Mirai. Read more from the Daily News, or at Clean Technica. Proterra electric buses have accumulated 2 million miles of revenue service. That equals 3,800 tons of carbon emissions that have been prevented and 420,000 gallons of fuel unburned. Proterra says it has 63 buses in service in 15 cities, and that it is ramping up production to meet growing demand. "This latest milestone exemplifies the economic, environmental and civic value of electric mass transit," says Proterra CEO Ryan Popple, "and demonstrates to the transit agencies that diesel - often viewed as a necessary evil - is no longer necessary." Read more at Inside EVs. Evercar, a unique EV carsharing service, has found success in Los Angeles. Evercar bills itself as carsharing for rideshare and delivery drivers.