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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.

General Motors CEO Provides Few Details In Appearance Before Congress

It was only two months ago that Mary Barra, freshly crowned as the new General Motors chief executive officer, visited Washington DC as an esteemed guest of First Lady Michelle Obama for the State of the Union address. On Tuesday, Barra returned to the Capitol under more strained circumstances. For more than two contentious hours, she took questions from members of a House of Representatives subcommittee investigating General Motors years-long delay in initiating a recall of millions of vehicles that contained a defect that has killed at least 13 people. Why did GM accept faulty ignition switches that were below the company's set specfications? Why did GM learn about the problem in 2001 yet take no action until 2014? Will GM compensate victims' families even though the company's bankruptcy may limit its liability? Those were a few of the questions members of the House Oversight and Investigations Subcommittee asked. Few concrete answers were forthcoming. For her part, Barra sidestepped most of the questions, saying she wouldn't have information needed to answer them until an internal review is completed. David Friedman, the administrator of the National Highway Traffic Safety Administration, testified after Barra. The biggest news that emerged from the hearing was that General Motors has retained attorney Kenneth Feinberg to advise the company on its civil and legal responsibilities. He has made a career of resolving disputes and serving in a 'fixer' role, serving as the chief of the federal government's September 11th Victim Compensation Fund, as an administrator of compensation fund for victims of the BP Deepwater Horizon disaster and a similar fund for victims of the Boston Marathon bombing. Barra, who has been GM's CEO since January but been with the company since 1980, expects to meet with Feinberg on Friday, and have a concrete plan within the next 30-60 days. Yet Barra would not say for certain Tuesday that GM would compensate the victims at all. Despite repeated questions from Rep. Diana DeGette (D-Colo.), Barra did not outline the company's intentions. "I assume GM is hiring (Feinberg) to help identify the size of claims and then compensate the victims? Is that right," DeGette asked. "Is GM willing to put together some kind of a compensation fund for these victims that Mr. Feinberg will then administer?" "We've hired him to help assess the situation," Barra replied. "So really, there's no money involved at this point," DeGette asked.

Recharge Wrap-up: Phoenix Cars delivers ZEUS to Navy, Volt saves gas compared to i-MiEV

Phoenix Cars has delivered its first Zero Emissions Utility Shuttle (ZEUS) flatbed truck to the US Navy. The electric flatbed will be used to transport maintenance materials around Naval Base Ventura County Port Hueneme. The Phoenix ZEUS features a 100-mile range, and can charge in just three hours. It also features vehicle-to-grid technology and direct power capability, allowing it to function as a mobile power station. ZEUS customers enjoy an eight-year/300,000-mile battery warranty and round-the-clock technical support from Phoenix. Phoenix launched an electric passenger shuttle last year, and years ago worked on an electric sport utility truck before shifting over to larger vehicles. Read more in the press release from Phoenix Cars. A man found that he used less gas by trading in his Mitsubishi i-MiEV for a Chevrolet Volt. Ben Rich saved fuel in part by using his Volt for road trips rather than needing to rent cars. Rich also found other benefits to driving a Volt, including more comfort, more freedom of movement and less range anxiety. Rich often had to turn off the heat in the winter to eke out precious miles in the Mitsubishi, which he needn't do in the Chevy, though he did have a gripe about the Volt using the gas motor to warm the car. Read more at Green Car Reports. EV drivers using the ChargePoint network have traveled over 196 million miles without gasoline. ChargePoint has tallied over 9 million charging sessions for a total of 65 gigawatt hours of energy. Based on national efficiency averages of three miles per kWh and 23.9 miles per gallon, this has saved 8.2 million gallons of gasoline and 60 million pounds of CO2. This accounts for what ChargePoint calls a "huge environmental impact." Read more in the release from ChargePoint below. The Environmental Impact of ChargePoint Drivers Campbell, Calif.– We all know electric vehicles (EV) have enormous environmental advantages over gas vehicles. Plug-in EVs reduce carbon-based greenhouse gases, improve air quality and reduce our dependence on fossil fuels. EV drivers on the ChargePoint network have had a huge environmental impact. With over 9 million charging sessions delivering 65 gigawatt hours of energy, EV drivers have avoided over 60 million pounds of CO2 and 8.2 million gallons of gasoline, and driven over 196 million gas-free miles. *Based on national averages: EV efficiency of 3 miles per kWh, gas efficiency of 23.9 mpg and a net savings of 0.924 pounds of CO2 per kWh.