Raphael Stevens

The Cadillac Elevated Velocity offers multiple user experience modes. When entering the car, “welcome mode” involves the gull-wing doors lifting skyward and parts of the interior lighting up.
Cadillac said its exterior color is inspired by glacier ice, contrasted against the car’s red interior.
The new concept car aims to build on Cadillac’s all-electric luxury crossover segment.

The Cadillac Elevated Velocity concept car.
Courtesy: Cadillac

General Motors on Thursday unveiled the Cadillac Elevated Velocity, a new concept car aimed at building up the brand’s all-electric luxury crossover segment.
The electric concept car has a “lifted yet elegant design,” according to Cadillac, riding on 24-inch wheels. It includes multiple driving modes to enhance the electric vehicle’s performance, the company said.

“The word ‘elevate’ serves a dual meaning – it is a reference to the lifted chassis that enables high-speed off-road capabilities, but it also refers to an elevated luxury experience,” said Alexandra Dymowska, Cadillac senior brand designer, in a media release.
The vehicle, which is a running showcar but does not have full performance capabilities, builds on Cadillac’s luxury EV portfolio, which already includes the Lyriq and the Optiq.
Automakers regularly use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand, but they’re not meant to be sold to consumers.
The car continues the design principles of Cadillac’s “Opulent Velocity” concept car, which the company revealed in 2024, said Bryan Nesbitt, vice president of GM global design, in a media statement.

The Cadillac Elevated Velocity concept car.
Courtesy: Cadillac

GM initially set a goal to exclusively offer EVs by 2035, but has since said that consumer demand, which has been slower than expected, will dictate its EV plans. Its luxury Cadillac brand set a separate goal to be all-electric by 2030, but more recently said it will offer a full lineup of EVs as well as gas-powered cars.

Cadillac has been going through a revival effort in recent years, considering that luxury cars offer higher profit margins and attract a more affluent consumer than traditional vehicles.
During a call with reporters last month, Cadillac Vice President John Roth said the brand saw its best first half in nearly 20 years. He touted that Cadillac was the bestselling luxury EV brand in the second quarter of 2025, No. 2 in calendar year-to-date terms and fifth for overall EV sales.

‘Lifted yet elegant design’

The concept car offers multiple user experience modes. When entering the car, “welcome mode” involves the gull-wing doors lifting skyward and parts of the interior lighting up.

The Cadillac Elevated Velocity concept car.
Courtesy: Cadillac

When the driver engages “elevate mode,” the car becomes autonomous and the interior transforms into a “recovery space,” where the pedals and steering wheel retract, ambient lighting changes and a light above the steering column aids the driver in breathwork to help occupants get in the “headspace for performance,” according to Cadillac.
The elevate mode also triggers interior cabin filtration, fragrance, red light therapy and climatization to account for changes in air temperature and quality.
“Velocity mode,” meanwhile, features cool white lighting to “evoke a sense of exhilaration” and floor lighting dims to help the driver focus on the road.
The concept car also includes different drive modes for on-road and off-road performance and improved visibility when driving in dusty or sandy conditions.

The Cadillac Elevated Velocity concept car.
Courtesy: Cadillac

Cadillac said its exterior color is inspired by glacier ice, contrasted against the car’s red interior.
The cabin includes red leather on the seat cushions and the cabin and cargo floor, while a red fabric covers the seat uppers, armrests and instrument panel. More

Up to $400 million worth of classic cars will roll across the auction block in Monterey and Pebble Beach this week, marking the biggest test of the year for the collectible car market and wealthy owners.
An estimated 1,140 classic cars will come up for sale at Monterey Car Week, the annual gathering of classic car collectors from around the world.
The sales total is estimated to come in between $367 million and $409 million, according to Hagerty, which could mark a third straight year of declines.

A general view at Pebble Beach Concours d’Elegance on August 18, 2024 in Monterey, California. Since 1950, the annual Pebble Beach Concours d’Elegance has hosted the world’s most beautiful and expensive collectable cars on the Competition Field along Carmel Bay.
Matt Jelonek | Getty Images News | Getty Images

A version of this article appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Up to $400 million worth of classic cars will roll across the auction block in Monterey and Pebble Beach this week, marking the biggest test of the year for the collectible car market and wealthy owners.

An estimated 1,140 classic cars will come up for sale at Monterey Car Week, the annual gathering of classic car collectors from around the world. The sales total is estimated to come in between $367 million and $409 million, according to Hagerty. The midpoint of that range, at $388 million, would mark the third year of declines in sales, and an 18% drop from the recent peak of $471 million in 2022.
The high end of the market is the weakest. The Monterey auctions – held by RM Sotheby’s, Gooding & Co., Mecum, Bonhams and others – have traditionally featured at least a half-dozen cars priced at $10 million or more. This year there’s only one – the fewest in over a decade. The average sale price has dropped to $473,000 this year from $477,000 last year.

“Pebble Beach is the annual health check on the market,” said Simon Kidston, a classic car advisor and dealer. “Everybody waits to see what happens at Pebble Beach before committing to a major decision the rest of the year.”
Like the art market and other types of collectibles, classic cars have been in slow decline since the pandemic rally in 2021 and 2022. Collectibles prices are down 2.7% over the past 12 months, according to the Knight Frank Luxury Investment Index. Classic car prices are down 0.2% overall – better than the 20% drop in the art market but not as strong as jewelry (up 2.5%) or coins (up 13%).
Classic car dealers and auctioneers blame global uncertainty, with wars in Ukraine and the Middle East, along with weakness in China. Higher interest rates are also a factor, raising the opportunity cost of buying a classic car, since risk-free cash still earns over 4% or more. Some also point to a surging stock market for the past three years, which makes collectibles relatively less attractive.  

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Yet experts say the biggest reason for the classic car slowdown is a generational shift. Baby boomers, who have powered the classic car market for decades, are aging out or downsizing. The new generation of millennials and Gen Zers, who are coming into wealth and collecting, want newer and fewer collectible cars. The shift is expected to accelerate as an estimated $100 trillion is passed from older to younger generations, giving fuel to the new breed of collector.
“It’s a big rotation,” said McKeel Hagerty, CEO of Hagerty, the classic car insurance, auction and events company. “Some of the older-guard collectors are framing it, ‘The market is soft at the top end.’ But here’s a lot of depth in this market. It’s just rotating to younger buyers and newer cars.”
That rotation has left the market for 1950s and 1960s cars with oversupply and falling prices. Many baby boomers are trying to clear their garages and sell, while others are passing their cars on to their kids, who often don’t share the same passion.
Gooding & Co. is selling three Ferrari 250 GT California Spiders this week, including the most expensive lot of the week, a 1961 250 GT SWB California Spider with an alloy body and original hardtop estimated at over $20 million. “Cal Spiders,” as they’re known, were made famous in the movie “Ferris Bueller’s Day Off,” have long been a rare and special sighting at auctions. Seeing three at the same auction series is highly unusual.
Kidston said the alloy body Cal Spider would have likely fetched $25 million to $30 million a few years ago.
“It’s one of the great road cars of all time,” he said. “It has intrinsic value, with provenance, sophistication, beauty and usability.”
Prices and demand for many cars that are over 50 years old are down as much as 20% to 30% from the peaks, dealers and brokers say.
“It’s just the question of what clears the market, and can their egos handle it,” Hagerty said. “If it’s an $18 million car, and it becomes a $13 million car, it’s still a multimillion-dollar car, which is pretty amazing.”
Hagerty said that falling prices have driven more sales to the private market, directly between buyer and seller, rather than to the auctions. Sellers with prominent cars don’t want their discounted sales prices to be public, so they opt to sell privately.
“That way nobody has to feel embarrassed,” Hagerty said. “We’re seeing a surprisingly large amount of private sales. Sometimes a car will hit the market and sell in a couple of hours and close by the end of the day.”
At the same time, auctions of newer super cars are skyrocketing. Millennials and Gen Zers are bidding up prices for rare cars from the 1980s, 1990s and 2000s. They also prefer cars that are more affordable and practical. Rather than keeping a $10 million 1962 Ferrari 250 GT SWB Berlinetta locked up in a private Garage Mahal, the new breed wants post-1980s Porsches, BMWs and later-model Ferraris they can enjoy every day and not have to constantly repair.
Along with affordable exotics, young collectors are also paying up for supercars, especially rare and highly specific Paganis, Bugattis and Rufs, the boutique German builder. A 1989 Ruf CTR “Yellowbird” sold in March for a record $6 million at Gooding & Co. at the Amelia Island sales.
Two years ago, the average model year of the cars being sold at Pebble was 1964. This year it’s 1974, which still underestimates the bar-bell distribution of cars from the 1950s at one end and the 1980s and 1990s cars at the other.
Sales of modern supercars — defined as those from 1975 or later – will likely overtake sales of so-called “Enzo-era” Ferraris (made before 1988) at Monterey for the first time, according to Hagerty.
Some experts even worry that the modern supercar segment has become over-inflated and speculative. Like momentum trades in the stock market, which retail investors buy on the basic premise that someone else will buy it for more, modern supercars seem to be rising indiscriminately.
“If it’s all solely reduced to what is more saleable, then collecting becomes very superficial,” Kidston said. “I don’t believe collecting should be ruled by investing. You should keep an eye on the financial implications of what you buy. But it should not be the be-all and end-all. Otherwise it just becomes like bitcoin.”
Here are the top lots from Monterey Car Week, compiled by Hagerty:

1. 1961 Ferrari 250 GT SWB California Spider Competizione

Sold by Gooding & Co., estimated at more than $20 million

A 1961 Ferrari 250 GT SWB California Spider Competizione up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.

2. 1993 Ferrari F40 LM

Sold by RM Sotheby’s, estimated at $8.5 million to $9.5 million

A 1993 Ferrari F40 LM up for auction at Monterey Car Week.
Courtesy of RM Sotheby’s

3. (tied) 1973 Ferrari 365 GTB/4 Daytona Competizione

Sold by Gooding & Co., estimated at $8 million to $10 million

A 1973 Ferrari 365 GTB/4 Daytona Competizione up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.

3. (tied) 1961 Ferrari 250 GT SWB California Spider

Sold by Gooding & Co., estimated at $8 million to $10 million

A 1961 Ferrari 250 GT SWB California Spider up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.

4. 1957 Ferrari 250 GT LWB California Spider Prototipo

Sold by Gooding & Co., estimated at $7.5 million to $9 million

A 1957 Ferrari 250 GT LWB California Spider Prototipo up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.

5. 2020 Bugatti Divo

Sold by Bonhams, estimated at $7 million to $9 million

A 2020 Bugatti Divo up for auction at Monterey Car Week.
Courtesy of Bonhams More

Film camera company Eastman Kodak is facing significant financial struggles, according to its second quarter earnings report.
The challenges come even as Gen Z is largely driving a resurgence of film cameras, leaning into the retro aesthetics.
A spokesperson for Kodak said the company has plans to repay its debts.

Rolls of Kodak Gold film hang on a shelf at the Precision Camera & Video store on August 12, 2025 in Austin, Texas.
Brandon Bell | Getty Images

Clair Sapilewski has dozens of rolls of camera film ready to use in her cupboard at all times.
A photography major at American University, the 21-year-old said she always keeps her film stocked to achieve that aesthetic that only film cameras can capture.

“It teaches you how to slow down, how to look at things more carefully and how to choose your shots more wisely,” she said.
It’s part of an ongoing trend as members of Generation Z have taken an interest in film cameras. Sapilewski said while her professors taught her the basics, she and her friends have used their film cameras to develop photos that their iPhones can’t quite replicate.
And in her college circle, the most popular brand for camera film is Eastman Kodak, a company she calls a “household name.”
“Pretty much everybody uses Kodak films — the average film user, when they reach for film, is going to reach for Kodak,” Sapilewski said.
But on the other side of the lens, Kodak may be singing a different tune.

The 133-year-old photography company indicated in its second-quarter earnings report on Monday that its finances “raise substantial doubt” in its ability to continue operations as a going concern.
The company reported a net loss of $26 million, down 200% from a net income of $26 million for the second quarter of 2024. Kodak also posted a 12% decrease in gross profit with millions in debt obligations.
“Kodak has debt coming due within 12 months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms,” the company wrote in a regulatory filing.
Shares of the company are down more than 15% year-to-date.
Kodak plans to terminate its retirement pension plan and a company spokesperson told CNBC that the company aims to use money that the company will receive from the settlement to pay off its debts.
“Kodak is confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations,” the spokesperson said.
This isn’t the first time the company has faced struggles.
Founded in Rochester, New York, in the late 1800s, Kodak rode the wave of photography with a goal of simplifying the process for consumers. But as the era of digital technology took over, the company faced increasing struggles with staying relevant as cameras moved beyond film and disposables.
In the 2000s, the company tried to keep up with the growing trend of digital cameras but struggled to keep up, according to Melius Research analyst Ben Reitzes, who said Kodak was ignoring concerns at the time about the evolving macroenvironment.
“Digital technology wasn’t ready right away to cut sales of film — but common sense told us differently,” Reitzes wrote in a March note. “At the time, Kodak management told us that film would co-exist with digital cameras and more photos would be taken — and more would need to be printed by Kodak.”
Instead, Kodak filed for bankruptcy in 2012. It reemerged a year later in 2013 with four main business components: print, advanced materials and chemicals, motion picture, and consumer, which includes cameras and accessories.

A ‘rebellion against digital perfection’

In recent years, however, the retro camera trend has been seeing a resurgence.
In 2020, then-General Manager Ed Hurley told NBC News that Kodak was making more than twice the number of film rolls in 2019 than it made in 2015.
And on last year’s third-quarter earnings call, Kodak CEO Jim Continenza said the company was experiencing such high demand for film that it needed to upgrade its Rochester factory.
“Our film sales have increased,” Continenza said at the time. “As we continue to see our commitment and our customer commitment to film, still and motion picture, we are going to continue to invest in that space and continue with that growth.”
According to Fortune Business Insights, the global cinema camera market size is fast-growing and estimated to reach $535 million by 2032. The Global Wellness Institute named “analog wellness” — including pre-digital technology — its top trend for 2025.
That growth has been driven in large part by Gen Z, which has turned to old-school aesthetics in what’s been a “divorce” from the hyperrealism of digital photography, according to Alex Cooke, the editor-in-chief of Fstoppers, a photography news site.
“I think there’s this rebellion against digital perfection where film feels real in this kind of hyper-curated Instagram and TikTok world, where images are filtered and Facetuned and algorithm-tested,” Cooke said.
For members of Gen Z, who grew up in the smartphone age, Cooke said this type of photography brings a “nostalgia without lived experience,” where younger people are romanticizing a slower culture and breaking the instant feedback loop.
The aesthetics of film are also at play, Cooke added, with the unique colors and grains capturing something a smartphone could not. Ironically, social media even feeds into amplifying the trend, he said.
Using film cameras and developing that film also plays into a Gen Z trend of digital minimalism, according to Digital Camera World U.S. Editor Hillary Grigonis.
As a professional photographer, Grigonis said she’s seen Gen Z lean into the feeling of “disconnecting” when using film, which provides a more tangible photography experience than smartphones.
“Part of the rise in film photography among Gen Z is likely from that desire to disconnect and the craving for that retro aesthetic,” she said, adding that she was surprised at Kodak’s financial struggles given the overall rise in demand.
For 25-year-old Madison Stefanis, Kodak was her entry point into the camera world. A Gen Z herself, Stefanis created 35mm Co, a film camera company specifically aimed at making the photography style easy and accessible for her generation.
Stefanis said she’s seen that younger people are leaning into the emotional connection created by the delayed gratification of waiting for photos to be developed, something that’s become “lost in the digital age.”
Because she’s seen Gen Z driving the resurgence of film, Stefanis said she was “shocked” at Kodak’s declaration of going concern.
“Gen Z are really craving something they can hold in their hands,” she said. “These days, at least for myself, most of my memories live either in my mind or in my phone, so I think having actual tangible, physical objects where we can store our keepsakes and those key moments feels really special to my generation.” More