Tesla’s stock saw an increase on Monday following Elon Musk’s promotion of the potential of the company’s humanoid robots. Musk stated on social media that Tesla plans to produce useful humanoid robots for internal purposes next year, with hopes for wider production for other companies by 2026.
In remarks made during Tesla’s annual meeting in April, Musk had previously indicated that the Optimus robots would enter limited production in 2025, with expectations that over 1,000 robots would be operational by the end of that year. Currently, two robots are present on the factory floor, though the company has not disclosed their specific tasks.
Musk projected that the introduction of these robots could potentially enhance Tesla’s market capitalization by $20 trillion. However, the robots are not expected to be available for sale until late 2025, with projected prices ranging between $20,000 and $30,000.
The definition of “genuinely useful” robots, as described by Musk, remains vague. Previous demonstrations of the technology have raised skepticism; for instance, in May, Tesla was accused of sharing a video showing an Optimus robot folding a shirt, which was allegedly manipulated by an operator off-screen.
Critics point to Tesla’s questionable marketing tactics to promote the robots. Notably, the company unveiled the Optimus project in 2021 with a promotional event that featured a dancer dressed in a robot costume.
Analysts have expressed doubt about Tesla’s ability to compete with established firms like Boston Dynamics. Craig Irwin of MKM Partners remarked on Yahoo Finance that the technology presented by Tesla remains outdated compared to current industry standards.
In addition to Boston Dynamics, Tesla faces competition from Honda and Apptronik, as well as from Chinese companies Dongfeng Motor and Nio, which are testing humanoid robots produced by UBTech Robotics. BMW is also utilizing humanoid robots from Silicon Valley-based Figure in its operations.
Following Musk’s comments, Tesla’s stock increased by more than 3% on Monday. Year-to-date, the shares are stable after experiencing a significant rebound over the past two months. The company is scheduled to announce its second-quarter earnings on Tuesday, where Musk is likely to provide an update about the delayed robotaxi launch.