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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.

Mazda halts Mazda3 sales for fuel tank problem

Mazda is issuing a stop sale and recall on 14,406 examples of the 2015-2016 Mazda3 in the US with build dates between May 21, 2015, and August 24, 2015, due to a possible fuel leak. There are no reports or accidents or injuries from this problem. According to the company, a defective fuel shut-off valve can allow gasoline to move from the tank and fill the charcoal emissions canister. If it gets too full, there can be a leak, which obviously carries the risk of a possible fire. The engine might stall, as well. Affected owners will be notified to bring their Mazda3 in "as soon as possible." Dealers will inspect the vehicles, and if a problem is found, the fuel tank and charcoal emissions canister will be replaced. During the downtime, customers will get a free rental or loaner car, as well. Those who are particularly concerned can also call Mazda roadside assistance to have their vehicle delivered for the check and possible repair. Related Video: Mazda Issues Stop Sale and Stop Delivery for Mazda3 Fuel Tank Recall WASHINGTON, DC (October 2, 2015) – Mazda Motor Corporation will conduct a Safety and Emission Recall Campaign for certain 2015-2016 Mazda3 vehicles (built from May 21, 2015 through August 24, 2015), which could have a safety-related problem. A defect in the fuel shut-off valve may allow fuel to flow from the fuel tank into the charcoal emissions canister. With this condition, the check engine light may illuminate, and if the fuel exceeds the canister capacity, fuel leakage could occur, increasing the risk of a fire and/or engine stalling. Approximately 14,270 vehicles in the U.S. and 136 vehicles in Puerto Rico are affected. Owners of subject vehicles will be notified by mail in early October. They will be informed to bring their vehicle to the nearest Mazda dealer as soon as possible. Dealers will inspect the fuel tank to determine if the defect exists on the vehicle. If the defect exists, the dealer will replace the fuel tank and charcoal canister at no cost to the customer. A rental or loaner vehicle will be provided at no cost to the owner, until the vehicle is repaired for this concern. If there are no concerns, the vehicle will be returned to the customer. Should a customer not want to drive the vehicle to the dealership, they may contact Mazda's 24-hour Roadside Assistance service at 800-866-1998 and have the vehicle picked up and delivered to the dealership. There have been no reports of accidents or injury related to this issue.

Which car companies are creating new jobs in America?

Since January, automakers have announced investments totaling $9.5 billion in U.S. plants, creating or retaining more than 12,000 jobs. Some of those companies have yet to announce just how many jobs will be created given their investments, with the location of many of those jobs still to be determined. Specifically, the 4,000-job Toyota-Mazda joint venture plant still hasn't announced its location, with numerous states jockeying for it. Hyundai has plans to invest $1 billion but has not announced a jobs number yet. And likewise Ford is investing $1.2 billion in Michigan without specifying a number of jobs. Volvo this week announced plans to add a second line to its factory under construction in South Carolina, spending another $500 million and adding 2,500 jobs to the 2,000 it was already trying to fill. Then Thursday, Daimler announced a $1 billion expansion to its facility in Tuscaloosa, Ala., to produce EV batteries and electric SUVs, a move that will add 600 jobs to its hiring this year. Above, we've created a handy pie chart showing you which companies have announced new jobs and how many there will be. Reporting by Paul Lienert in Detroit News Source: Reuters Plants/Manufacturing BMW Chrysler Ford GM Honda Hyundai Mazda Mercedes-Benz Toyota Volvo jobs