China's Geely to Launch Hybrids with More Fuel-efficient Engines

FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly Song/File Photo
FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly Song/File Photo
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China's Geely to Launch Hybrids with More Fuel-efficient Engines

FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly Song/File Photo
FILE PHOTO: The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly Song/File Photo

China's Geely Holding Group on Wednesday said it would launch a series of hybrid models in the first half of next year equipped with its next-generation, more fuel-efficient engine.
Geely's engine achieves a thermal efficiency of up to 46.1%, according to a product certificate issued by the government-owned CATARC Huacheng Certification Co.
Geely said this was among the highest in the world, and would reduce fuel consumption and extend driving range, Reuters said.
The new models will be launched for Geely Auto's Galaxy series and its Lynk & Co brand.
Plug-in hybrids are the fastest growing fuel-type sector in China thanks to their affordability, and competition in the sector is intensifying.
BYD on Tuesday launched two hybrid sedans equipped with its new hybrid tech, priced from 99,800 yuan ($13,800).
BYD said the new hybrid tech enables fuel consumption on depleted batteries of 2.9 liters per 100 km under New European Driving Cycle tests, with a thermal efficiency of 46.06%.



Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
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Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)

Samsung Electronics on Tuesday projected a 56% drop in second-quarter operating profit from a year earlier, missing analysts' estimates by far.

Its chip business struggled with weak sales of artificial intelligence chips, dogged by delays in the supply of its latest chips to Nvidia and continued losses in its contract chip manufacturing business, analysts said.

The world's largest memory chipmaker estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate.

That would compare with 10.4 trillion won in the same period a year earlier and 6.7 trillion won in the preceding quarter.

Revenue would likely fall 0.1% to 74 trillion won from a year earlier, the filing showed.

Samsung is expected to release detailed results, including a breakdown of earnings for each of its businesses, in late July.