Tesla's Q1 net income down 55% year over year – CBC News + MORE Apr 23rd

Equifax Canada is exploring how rent data could factor in to credit scores to help make credit and financial services accessible to more people.

The agency said it has been testing small volumes of rental payment data to assess its suitability.

An Equifax study found that including “alternative data” could establish or enhance the credit scores for millions of Canadians.

“Equifax Canada has been leading the way and has been modelling how rental payments, just like mortgage payments, can help build a credit score,” Equifax Canada president and CEO Sue Hutchison said in a news release. 

“This is so important for young Canadian consumers, new Canadians and other underserved consumers.”

Featured credit cards

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Travel rewards card

Earn 5 times the points on groceries and restaurants in Canada, and pay no forex fees when abroad. Plus get an $80 gift card upon approval…

PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages. The Purchase, New York-based company said revenue rose 2% to USD$18.3 billion for the January-April period. That was higher than the USD$18 billion Wall Street forecast, according to analysts polled by FactSet.

Pepsi reaffirmed its financial guidance for 2024, including organic revenue growth of 4%. The company has said it expects to return to more normal rates of growth this year after several years of inflation-driven price increases.

Revenue growth slowing

That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5%, for example. PepsiCo’s shares fell more than 2.5% in morning trading Tuesday. In North America, Frito-Lay revenue rose 2% while Pepsi beverage sales were up 1%. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella…

Who wants to pay to find out their credit score? Ten years ago, this felt really backwards to Eva Wong—so she co-founded Borrowell, the first company to offer free access to credit scores and credit reports in Canada (in partnership with credit bureau Equifax). In addition to credit scores, her company offers credit-building tools—including Rent Advantage, for tenants who want to build a credit history—and an online marketplace for loans and other financial products. 

Wong is passionate about helping Canadians better understand money and credit. She’s received many accolades for her work, including EY’s Entrepreneur of the Year award in Ontario in 2019, and inclusion on the 2017 Women in FinTech Powerlist curated by Innovative Finance, an independent industry association. Below, she shares her thoughts on managing money, saving for the future and much more.

Who are your finance heroes?

David Chilton is one of my finance heroes. When I was in high school, I read his book The Wealthy Barber (Penguin Random House, 1997)…

Tesla’s Q1 net income down 55% year over year  CBC NewsTesla shares jump 11% after Musk says company aims to start production of affordable new EV by early 2025  CNBCTesla’s shift on low-cost cars throws Mexico, India factory plans into limbo  Yahoo Canada FinanceTesla to accelerate launch of cheaper cars after sales miss  Financial PostTesla’s downbeat earnings report highlights a grim outlook  The Washington Post

Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles. The automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it’s not seeing the price erosion across its lineup that other companies have experienced. (All figures in U.S. currency.)

GM earnings highlights
General Motors reported the following for the first quarter of 2024.

General Motors (GM/NYSE): Earnings per share of $2.62 (versus $2.13 predicted). Revenue of $43 billion (versus $41.15 billion estimated).

GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion. That topped the $41.15 billion that analysts polled by FactSet were calling for. Excluding one-time items the company made $2.62 per share, easily beating Wall Street estimates of $2…