Tesla’s stock saw an increase on Monday as CEO Elon Musk shared his vision for the company’s humanoid robots.
Musk stated on X that Tesla plans to have genuinely useful humanoid robots available for internal use next year, with hopes for high production for other companies by 2026. During Tesla’s annual meeting in April, Musk had predicted that the robot, named Optimus, would enter limited production in 2025, with an estimation of over 1,000 units working at Tesla by the year’s end. Currently, two robots are operational on the factory floor, although Tesla has not disclosed their specific tasks.
In April, Musk suggested that the introduction of these robots could potentially add up to $20 trillion to Tesla’s market capitalization. However, the robots are not slated for sale until late 2025, with projected prices between $20,000 and $30,000.
There is some skepticism regarding Musk’s claims of the robots being “genuinely useful,” especially following earlier product demonstrations that were criticized. In one instance, Tesla allegedly posted a video of an Optimus robot folding a shirt, which seemed to be controlled by an off-screen individual.
Analysts have raised concerns about Tesla’s competitive edge against established players in the field. Craig Irwin from Roth MKM pointed out that it’s challenging for Tesla to keep up with competitors like Boston Dynamics, suggesting that their current technology appears outdated compared to industry standards.
In addition to Boston Dynamics, Tesla faces competition from Honda, Apptronik, and Chinese companies like Dongfeng Motor and Nio, which are testing humanoid robots on their production lines. BMW has also integrated humanoid robots from Silicon Valley’s Figure into its operations since January.
Following Musk’s comments, Tesla’s stock increased by over 3%. Year-to-date, shares have remained relatively stable after a significant rebound over the past two months. Tesla is scheduled to report its second-quarter earnings on Tuesday, where Musk is anticipated to provide updates on the company’s delayed robotaxi project.