Tesla’s stock experienced an increase on Monday following Elon Musk’s continued discussions regarding the potential of the company’s humanoid robots. Musk announced on social media that Tesla aims to have “genuinely useful” humanoid robots in limited production for internal use next year, with hopes to transition to higher production levels for external companies by 2026.
During Tesla’s annual shareholder meeting in April, Musk projected that the Optimus robots would begin limited production in 2025, with a goal of having over 1,000 operational robots within the company by the end of that year. Currently, two robots are deployed on Tesla’s factory floor, although the specific tasks they are performing have not been disclosed.
Musk previously suggested that the introduction of these robots could potentially add $20 trillion to Tesla’s market value. The robots are anticipated to retail for between $20,000 and $30,000, with public sales not expected until late 2025.
However, there has been skepticism about the term “genuinely useful” regarding these robots, as previous demonstrations have raised doubts about their capabilities. In May, Tesla faced criticism for a video of an Optimus robot folding a shirt, which was reportedly manipulated by a person off-screen. Musk’s announcement of the Optimus project in 2021 was initially showcased with a dancer performing in a robot suit, leading to questions about the company’s transparency.
Industry analysts, including Craig Irwin from MKM, highlighted the challenges Tesla faces in competing with established robotics companies like Boston Dynamics, noting that Tesla’s current technology appears dated compared to leading firms’ advancements.
Tesla will also contend with competition from other automakers. Hyundai’s Boston Dynamics, Honda, and Apptronik are all developing humanoid robots, while Chinese companies like Dongfeng Motor and Nio are incorporating robots from UBTech Robotics into their production lines. Additionally, BMW has been utilizing humanoid robots from Silicon Valley-based Figure in its facilities since January.
In response to Musk’s statements, Tesla’s stock rose over 3% on Monday, although shares have remained relatively stable throughout the year after a notable recovery in the past two months. The company is set to release its second-quarter earnings on Tuesday, and Musk is expected to provide updates on the delayed robotaxi project.