Tesla Motors Inc (NASDAQ:TSLA) appears to have successfully made a substitute for Porsche, according to anecdotal statements from analysts at Morgan Stanley. So the question they ask now is whether another automaker will be able to make a substitute for Tesla’s Model S.

Tesla Motors

Morgan Stanley asks a Porsche dealer about Tesla

Analysts Adam Jonas, Ravi Shanker, Yejay Ying and Paresh Jain issued a report last week highlighting their recent visit to a Porsche dealership in Los Angeles. They asked a salesperson at the dealership what she thought about Tesla Motors Inc (NASDAQ:TSLA)’s Model S. They note that their line of questioning was “far from scientific,” but they found her answers interesting.

And it’s interesting that they found last month that the answers from the Porsche dealer appear to align with comments made by other competing automakers in other places.

Porsche respects Tesla

The salesperson reportedly told them that they were taking a hit from Tesla Motors Inc (NASDAQ:TSLA) success in Los Angeles. She also said that they view the Model S as “a great car.”

The Morgan Stanley analysts say it’s possible that the impact Tesla is having is only in the Los Angeles area because the Model S “would exact maximum casualties on the competition.” However, they believe that their conversation with the salesperson showcases just why Tesla is finding success against other electric vehicles in the market. They suggest that even if the Model S had a 400-mile range but wasn’t any fun to drive, it wouldn’t be as successful as it is.

Other signs Tesla is substituting for other luxury automakers

Aside from the anecdotal evidence offered by Morgan Stanley, there are also other signs that Tesla Motors Inc (NASDAQ:TSLA) is taking a bite out of the competition in other markets, at least in California. It has been outperforming some of the major players in the luxury industry in the state, including Cadillac, Porsche, Mitsubishi and Chrysler. The popularity of the Model S has even begun to spread outside its home state of California.

Will the Model S be Tesla’s worst car ever?

The analysts suggest that because of how quickly Tesla Motors Inc (NASDAQ:TSLA) appears to be innovating, it’s possible that the Model S will be the automaker’s worst car. However, it appears like they have forgotten about the Roadster because the Model S is clearly better than the Roadster by leaps and bounds. They believe the Model X crossover vehicle due for release next year will be superior to the Model S in terms of functionality, handling, interior, powertrain and battery.

They maintain their Overweight rating and $149 per share price target on Tesla. Shares of Tesla declined more than 3.5 percent in early trading on Monday.