Tesla Motors Inc (NASDAQ:TSLA) says that it has received so many orders for the Model S that it could double the number of electric vehicles which are currently on Hong Kong roads, reports Bloomberg’s Alan Wong. The vehicle will be available in Hong Kong this winter, and Tesla Hong Kong sales manager Kenneth Lui told Bloomberg that the vehicle’s prices in the city will be announced over the next couple of months.

Tesla

Tesla’s Sales Forecasts

The EV automaker guided for the sale of 21,000 Model S sedans this year, including Asian and European deliveries, which will begin in the second half of this year. In the U.S., Model S pricing starts just under $70,000.

Hong Kong’s transportation department reported 303 private electric vehicles registered at the end of April. Therefore, Tesla Motors Inc (NASDAQ:TSLA) has received orders of at least 303 Model S sedans in Hong Kong.

Tesla’s Valuation

Most analysts remain bullish on Tesla Motors Inc (NASDAQ:TSLA), although some just can’t get past the valuation. Many models indicate that the stock trades at 115 times the company’s forward earnings, which is much higher than what might be considered “normal.” After all, Ford Motor Company (NYSE:F)’s PE ratio is only 10 or so.

Jefferies analysts however, changed the way they modeled the company by using its new lease accounting method, which will be used in the second quarter earnings report. Analyst Elaine Kwei believes that Tesla Motors Inc (NASDAQ:TSLA)’s numbers are lower because it is using lease accounting. In light of this change, analysts might be greatly underestimating the company’s earnings report.

According to Kwei’s math, Tesla Motors Inc (NASDAQ:TSLA) is only trading at a PE multiple of around 25 to 30 times, which is toward the lower end of the range for rapidly growing companies in the energy efficiency and technology sectors. Of course it’s still a lot more than the S&P 500 forward PE ratio of about 15 times and more than double that of Ford Motor Company (NYSE:F). However, changing the numbers to model for lease accounting makes the valuation of Tesla Motors Inc (NASDAQ:TSLA) a little less scary.