Tesla shares experienced an uptick on Monday, driven by Elon Musk’s continued emphasis on the potential value of the company’s humanoid robots. Musk announced on X that Tesla plans to begin low production of “genuinely useful humanoid robots” for internal use next year, with higher production levels aimed for other companies by 2026.
During a shareholder meeting in April, Musk indicated that the Optimus robots would be in limited production by 2025, forecasting that over 1,000 units would be operational at Tesla by the end of that year. Although two robots are currently on the factory floor, Tesla has not disclosed their specific roles.
Musk also suggested that the robots could significantly boost the company’s market capitalization by potentially adding $20 trillion. However, these robots are not expected to be available for sale until late 2025, with projected prices ranging from $20,000 to $30,000.
The specifics of Musk’s claim regarding the robots being “genuinely useful” remain unclear, particularly as previous demonstrations have faced skepticism. For instance, a video released in May showcased an Optimus robot folding a shirt, which was alleged to have been manipulated by an off-screen operator.
Tesla has previously drawn criticism for its marketing tactics, notably debuting the Optimus project in 2021 with a performer in a robot costume.
Analyst Craig Irwin from MKM expressed doubt about Tesla’s ability to keep pace with competitors like Boston Dynamics, highlighting that the current advancements are not at the forefront of technology since they resemble capabilities from about a decade ago.
Amidst competition from various companies — including Hyundai’s Boston Dynamics, Honda, Apptronik, and Chinese firms Dongfeng Motor and Nio — Tesla continues to navigate the landscape of humanoid robotics. BMW has also incorporated humanoid robots from Silicon Valley-based Figure into its operations earlier this year.
As a result of Musk’s remarks, Tesla’s stock climbed over 3% on Monday. Despite being relatively flat for the year, shares have bounced back significantly over the last two months. Tesla is set to report its second-quarter earnings on Tuesday, where Musk is anticipated to update investors on the long-awaited robotaxi project.