Tesla’s stock saw a rise on Monday, driven by Elon Musk’s continued emphasis on the potential value of the company’s humanoid robots. Musk stated on X that Tesla aims to initiate low production of genuinely useful humanoid robots for internal use next year, with hopes of achieving high production for other companies by 2026.
Previously, during Tesla’s annual meeting in April, Musk had mentioned that the Optimus project would enter limited production in 2025. He anticipated that over 1,000 robots would be operational at Tesla by the end of that year. Currently, two robots are already present on the factory floor, though the company has not disclosed their specific functions.
Musk suggested that the introduction of these robots could potentially boost the company’s market capitalization by $20 trillion. However, the robots are not projected to hit the market until late 2025, with anticipated prices ranging from $20,000 to $30,000.
There remains uncertainty regarding what Musk specifically means when he refers to the robots as “genuinely useful.” Past demonstrations from Tesla have faced skepticism; for instance, a video shared in May purportedly showed an Optimus robot folding a shirt, which was later claimed to be operated by someone off-screen.
Tesla’s track record with showcasing its robots has raised eyebrows. The company first introduced its Optimus robot project in 2021 with a performance by an individual in a robot costume.
MKM analyst Craig Irwin commented on the challenges Tesla faces, pointing out the company’s struggle to match the advancements of competitors like Boston Dynamics. He noted that what Tesla has displayed is reminiscent of technology from 2014.
In addition to Boston Dynamics, Tesla will be contending with Japan’s Honda and Apptronik. Chinese companies Dongfeng Motor and Nio are currently testing humanoid robots designed by UBTech Robotics in their production lines, while BMW has been implementing Silicon Valley-based Figure’s humanoid robots in its operations since January.
Following Musk’s remarks, Tesla’s stock increased by over 3% on Monday. The shares have approximately remained stable year-to-date after experiencing a significant rebound over the past couple of months. Tesla is set to report its second-quarter earnings on Tuesday, where Musk is expected to provide updates regarding the company’s delayed robotaxi project.