The following four automotive companies had the following stock prices, net income and earnings per share. Use this information to calculate the P/E ratios for each company.

Company (Stock Symbol)	Stock Price (5/21/21)	Net Income ($M)	Earnings per Share	P/E
Tesla (TSLA)	$580.88	$1,112	$1.16
Ford (F)	$13.33	$3,976	$0.97
General Motors (GM)	$56.72	$9,155	$6.54
Toyota (TM)	$161.16	$20,605	$14.55

Source: finance.yahoo.com, 5/21/2021

The P/E ratio for the S&P 500 is currently 44.1, and it historically has averaged 15.9. Assume the S&P 500 ratio represents that of the market overall. Which of the following statements is incorrect?

Ford has the lowest P/E ratio

Teslas P/E ratio is so high that it could be an indicator that the stock is overvalued

Of the auto companies above, only Teslas P/E ratio is higher than that of the market

Ford, GM and Toyota have P/E ratios lower than the historical average

A lower-than-average P/E ratio indicates that investors expect slow earnings growth