1969 Chevrolet Chevelle on 2040-cars

Auto blog

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 to restore legendary Corvette damaged in sinkhole accident

Car lover's hearts' sank when they saw images of bent and destroyed classic Corvettes at the bottom of a sinkhole last February after the floor of the National Corvette Museum gave way. General Motors announced Wednesday it would restore the one millionth Corvette ever produced to its former glory. The 1992 convertible was heavily damaged when a 40-foot deep sinkhole opened beneath a bevy of rare cars at the National Corvette Museum in Bowling Green, Kentucky. Since then, GM has been slowly restoring the classic cars, though five of the eight that caught in the sinkhole were determined to be too damaged to repair. This November, the 2009 Corvette ZR1 Blue Devil was the first car to be returned in mint condition to the Museum, according to Autoblog. It suffered significant damage but was still drivable after being pulled out of the debris. The one millionth Corvette is still in bad shape. The automaker is estimating six months worth of work to restore the car, which sustained paint scratches, rear-suspension damage and a mangled front fender. Related Gallery Consumer Reports Most Loved Cars 2014 Chevrolet GM Automotive History corvette famous cars sinkhole corvette museum

GM recalls Colorado, Canyon, and Malibu for airbag problem

The Basics: General Motors will recall and issue a stop sale on 1,740 total examples of the 2016 Chevrolet Colorado, Malibu, and GMC Canyon. This includes 1,579 units in the US and 161 in Canada. The Problem: The second stage of the driver front airbag inflator might not be present. If this happens, the airbag won't fill as quickly as it should in a high-speed crash, which could increase the risk of injury, according to Reuters. This is not related in any way to Takata's inflator problems, and these parts come from a different supplier. Injuries/Deaths: None reported. The Fix: GM will replace the vehicles' airbag assemblies. If You Own One: GM spokesperson Tom Wilkinson told Autoblog he wasn't specifically sure when recall repairs would begin but said it would be "shortly." He expects the fixes to happen "quickly" because of the small number of affected vehicles, and many of them are either in transport or already in dealer stock. More Information: GM recalled the 2015 Canyon and Colorado in 2014 for a completely separate airbag issue. In that case, a manufacturing error improperly wired the connectors. Related Video: GM Statement GM is recalling 1,579 MY 2016 Chevrolet Colorado, GMC Canyon and Chevrolet Malibu vehicles in the United States and 161 in Canada to replace driver-side front airbags. The second stage of the airbag may not deploy properly in certain high-speed crashes. During a routine quality inspection, it was determined that a component required for a second-stage/high-output deployment was not loaded during the inflator build. Dealers will replace the driver-side front airbag assembly. There have been no reports of crashes or injuries related to this issue. This issue is unrelated to the ongoing Takata recalls.