The world's major luxury auto manufacturers have been bucking the trend, rolling out new models for the super luxury market at the 83rd Geneva motor show, against a backdrop of slumping sales in the mass market in Europe.
McLaren, best known for its Formula 1 racing team unveiled its P1 model of which only 375 have been produced and which will retail at 866,000 pounds ($1.3 million).
Mike Flewitt, COO at McLaren Automotive said the company would limit production of its three models to just 1500 cars this year in order to maintain their exclusivity. That would be the same production number as last year.
Taking the exclusivity factor to an extreme was Italian manufacturer Lamborghini, which launched its $3.9 million Veneno to mark its fiftieth anniversary.
Resembling something akin to a superhero's favorite mode of transport, the model was described by the company as its "fastest ever supercar". The company made only three cars and already sold all of them -- two to U.S.buyers and one to a Middle Eastern buyer.
"It's a one off, a very limited edition and tests new technology, fulfilling dreams for some people," Stephan Winklemann, CEO at Lamborghini said.
Torsten Muller-Otvos, CEO of Rolls Royce told CNBC that his company remained untroubled by the prevailing economic headwinds in Europe and the super-wealthy Rolls Royce customers are continuing their spending spree.
"I can't complain. I'm really optimistic for us. We sold just 3,600 models last year so I'm not worried as long as you don't see Rolls Royce's on every street corner," he said.
With the company's models starting at 250,000 euros($327,000) Muller-Otvos said he saw no competition even from its nearest rival Bentley which he said was working "in a completely different segment."
He admitted that Europe remains a very small part of the company's focus with most of the company's cars sold in the U.S. and Asian markets as well as in the Middle East.
By CNBC's Shai Ahmed; Follow her on Twitter @Shaicnbc