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‘A huge encouragement’: U of M electric car team receives Tesla sponsorship

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A University of Manitoba engineering team is celebrating receiving an electric new sponsorship.

The U of M’s chapter of the Society of Automotive Engineers (UMSAE) Formula Electric team has received a battery sponsorship from Tesla Motors. The electric vehicle manufacturer is donating 2170-type battery cells for the team to use in its next electric car design.

Each school year, engineering students build a new open wheel formula-style electric race car to compete at international events.

Team lead Tanner Turnbull says the Tesla sponsorship is a massive confidence booster.

“It’s kind of surreal, you realize that ‘wow the largest electric vehicle manufacturer on the planet is now acknowledging us and recognizing what we’ve accomplished,'” Turnbull said. “It’s a huge encouragement to continue working hard towards our goal of making the best electric vehicle in North America at these competitions.”

Kaya Jones is the team’s accumulator lead, in charge of building the car’s battery. “All the power from the car starts there, without the accumulator the car would be a shopping cart essentially,” said Jones.

Jones said the Tesla sponsorship covers the cost of the most expensive part of the vehicle.

“Having the support from Tesla, both monetarily and having their backing, being able to consult with their engineers about the design and get their expertise, it’s invaluable to the team,” Jones said.

Jones added that being a part of the UMSAE Formula Electric team for the past year has been an incredible experience.

“SAE has some of the best and brightest students at the U of M, and being able to be around them and pick knowledge off them, pick their brains apart, I feel it helped develop myself as an engineer,” Jones said.

The team said they were one of only 67 chosen worldwide for the Tesla sponsorship.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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