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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.

GM won't sell 2014 Chevrolet SS in Canada

Allow us to be the first to extend our condolences to our friends to the north. General Motors has announced the 2014 Chevrolet SS will not be available in Canada. The Globe and Mail reports the automaker has confirmed the high-performance sedan won't hit Canadian dealers, though GM hasn't offered up any reasoning as to why that is.
Buyers here in the US of A, meanwhile, can look forward to getting their hands on the 415-horspower, rear-wheel drive SS by late summer. Something tells us it won't be long after that before Canadian officials start seeing individually imported 6.2-liter V8 four-doors in their neighborhoods. Fortunately, Canadian buyers will still be able to take home the 2014 Chevrolet Corvette. The C7 bowed at the Canadian International Auto Show last week, reportedly drawing sizable crowds and interest.

UAW to vote on strike at Kentucky Corvette plant

The current wait time for a new Chevrolet Corvette Stingray is well, not short. With word of a strike at the Bowling Green, KY factory responsible for seventh-generation sports car, though, that wait time could end up growing substantially.
Now, a strike is still a ways off. UAW Local 2164, which represents the 800 workers responsible for screwing the Corvette together, is set to vote on authorizing a strike today, but even if the employees give the action a go, it's far from a sure thing. According to The Tennessean, both regional and national union officials would need to put their stamp of approval on strike action.
"The membership has to vote to strike, but it's just a step in the process," said Gary Casteel, the UAW's Region 8 director and one of the people that would need to authorize a strike action. Casteel told The Tennessean, "It's purely a local situation, though. They are having some issues with the local management."