The following is financial data for Tesla, Inc. and Ford Motor Company for the fiscal year 2023:

($ millions)	Tesla, Inc.	Ford Motor Company
Net sales	$84,500	$148,300
Cost of sales	50,300	120,000
Gross profit	34,200	28,300
Operating expenses:
Selling, general, and administrative	12,000	14,800
Research and development	7,500	7,200
Operating income	14,700	6,300
Interest and other (income) expense	2,000	3,400
Interest and investment income	(700)	(800)
Earnings before provision for income taxes	13,400	3,700
Provision for income taxes	4,700	1,100
Net earnings	$8,700	$2,600

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Tesla, Inc. and Ford Motor Company. Assume a tax rate of 30%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) components. Discuss which factors primarily influence ROA for each company. c. Analyze the trend in research and development (R&D) expenses over the past five years. How does it impact the companies' innovation and long-term growth? d. Evaluate the interest coverage ratio for Tesla, Inc. and Ford Motor Company. What does it indicate about their ability to meet interest obligations? e. Compare the gross profit margins of Tesla, Inc. and Ford Motor Company. What insights can be drawn regarding their production efficiency and cost management?