130 new models unveiled at Geneva auto show

The Geneva Car Show gets under way this week, with the unveiling of more than 130 new car models. Energy-saving models are taking the spotlight this year. The 10 day event expects to see 260 carmakers in attendance, and over 700, 000 visitors flocking to the Swiss metropolis.

The 83rd Geneva Car Show will take center stage from March 7th to the 17th in Geneva. Auto makers around the world are showcasing their latest models and cutting-edge technologies. Luxury car giant Ferrari caught the limelight with its new Hyper-hybrid LaFerrari. The limited edition sports car can jump-start from still to as fast as 100 kilometers per hour, in just three seconds.

And how much is it? $1.3 million before tax.

And that's no big deal compared to its competitor, the Lamborghini Veneno, named for an infamous fighting bull. This super car can reach 750 horse power per hour, and is priced at a mere $3.9 million. The new Veneno is already sold out - but there were only three produced. But even Lamborghini is feeling the pinch from a sluggish global market.

Stephan Winkleman, CEO of Lamborghini, said, "The Chinese market is going down....we are balancing this with the growth in the US and in some other markets. So for the time being it's OK. It there are other markets that are going down, then it's clear that there's a risk."

Analysts say major car makers are racing to find the balance point between increasing horse power, and reducing energy consumption, as Europe's economic outlook is still weak. This has pushed hybrid power to the forefront of research and development.

Dr. Stephan Bratzel, Center of Automotive Management, Germany, said, "I think the car industry is looking for a new future in a way, everybody is clear that CO2 and energy efficiency is an important step, but the old idea was to give the cars more power, and maybe they are more attractive, so the car industry is a bit in between these two extremes at the moment.”

Saving energy while being affordable is the trend for cars aimed at the mass market. Qoros, the only Chinese auto maker at this year's Geneva Auto Show, brought along three hybrid models, with the Qoros 3 making its first global appearance. The carmaker is targeting both the Chinese and European markets, with a estimated price at around $20,000.