July 5 (Bloomberg) -- Tesla Motors Inc. rose to a record closing price today after the company said it has received hundreds of orders for its new Model S sedan in Hong Kong, enough to double the number of electric cars in the city.
The shares gained 4.2 percent to $120.09 in New York. The stock has more than tripled this year, compared with a 15 percent increase for the Russell 1000 Index.
“Our number is over all electric cars in Hong Kong combined,” Kenneth Lui, Hong Kong sales manager for the Palo Alto, California-based company, said in an interview yesterday. Prices of the vehicle, which goes on sale in the city this winter, will be disclosed in the next couple of months, he said.
Tesla, headed by billionaire Chief Executive Officer Elon Musk, has forecast Model S sales will reach 21,000 units this year, with deliveries to Europe and Asia beginning in the second half. The Model S, which starts at $69,900 in the U.S., is Tesla’s second vehicle after the $109,000 Roadster.
Hong Kong had 303 registered private electric cars at the end of April, according to the city’s Transport Department.
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