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%.



Getty Images and Shutterstock to Merge, Forming $3.7 billion Stock Image Giant

Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
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Getty Images and Shutterstock to Merge, Forming $3.7 billion Stock Image Giant

Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo

Getty Images said on Tuesday it will merge with rival Shutterstock to create a $3.7 billion stock image powerhouse in a deal that would help the companies navigate the AI era, but likely attract antitrust scrutiny.

Shutterstock's shares were up 9.9% in premarket trading, while shares of Getty Images were up 18.7%, according to Reuters.

The combined company will be named Getty Images Holdings Inc and will continue to trade on the New York Stock Exchange under the ticker symbol "GETY".

At close, Getty Images' CEO, Craig Peters, will serve as CEO of the combined company.

Getty competes with Reuters and the Associated Press in providing photos and videos for editorial use.