Tesla’s stock experienced an increase on Monday as CEO Elon Musk highlighted the potential of the company’s humanoid robots. Musk shared via social media that Tesla anticipates producing genuinely useful humanoid robots for internal purposes next year, with plans for broader production by 2026 for other companies.
At Tesla’s annual shareholder meeting in April, Musk mentioned that the Optimus robots would enter limited production by 2025, with expectations of over 1,000 robots operational at Tesla by year’s end. Currently, two robots are already situated on the factory floor, although Tesla has not disclosed their specific functions.
Musk has suggested that these robots could potentially add $20 trillion to Tesla’s market capitalization. However, the robots are not expected to be available for purchase until late 2025, with a projected price range of $20,000 to $30,000.
The specifics of Musk’s claim regarding the robots being “genuinely useful” are unclear. Past demonstrations have drawn criticism; for example, a recent video showcased an Optimus robot allegedly folding clothes, but it was later revealed that a person was actually controlling it off-screen.
Tesla’s previous marketing efforts for the robot project have also raised eyebrows, with the initial debut in 2021 featuring a dancer in a robot costume. Analysis from Roth MKM suggests that Tesla faces a challenging competition with established robotics firms like Boston Dynamics, which are considered more advanced than Tesla’s current offerings.
In addition to competition from Hyundai’s Boston Dynamics, Tesla is contending with Honda and Apptronik in Japan, as well as Chinese firms like Dongfeng Motor and Nio, which are testing humanoid robots from UBTech Robotics, and BMW, which has been using Silicon Valley-based Figure’s robots in its facilities since early this year.
Tesla’s stock rose over 3% on Monday following Musk’s remarks, marking a resurgence for shares that have remained relatively stable throughout the year after a significant rebound in recent months. The company is set to report its second-quarter earnings on Tuesday, where Musk is expected to provide updates on the delayed robotaxi project.