Tesla’s stock experienced a rise on Monday as Elon Musk continues to highlight the potential of the company’s humanoid robots. Musk stated on X that Tesla aims to have functional humanoid robots in limited production for internal use next year, with hopes for higher production for external companies by 2026.
During Tesla’s annual meeting in April, Musk projected that the Optimus robots would enter limited production in 2025, estimating that more than 1,000 units would be operational at Tesla by the year’s end. Currently, two robots are being utilized on the factory floor, though their specific tasks have not been disclosed.
Musk previously claimed that these robots could significantly boost Tesla’s market capitalization by $20 trillion. The robots are not expected to be available for purchase until late 2025, with projected prices ranging from $20,000 to $30,000.
However, the term “genuinely useful” remains somewhat ambiguous, as previous demonstrations have faced skepticism. In fact, critics have pointed out that Tesla was accused in May of showcasing a video of an Optimus robot folding a shirt, which was allegedly controlled by a person off-screen.
Musk’s approach in marketing the robots has raised eyebrows, as the initial reveal of the Optimus project in 2021 included a performer in a robot suit dancing.
Analyst Craig Irwin from Roth MKM remarked on Yahoo Finance that it may be challenging for Tesla to compete with Boston Dynamics and noted that the technology they have presented appears outdated compared to current standards.
In addition to competition from Boston Dynamics, Tesla faces challenges from rival companies including Honda and Apptronik, along with Chinese manufacturers Dongfeng Motor and Nio, which are integrating humanoid robots developed by UBTech Robotics in their production lines. BMW has also been using humanoid robots from Silicon Valley-based Figure since January.
Following Musk’s remarks, Tesla’s stock climbed by over 3% on Monday. The shares have remained relatively flat year-to-date despite a significant recovery in the past two months. Tesla is set to release its second-quarter earnings on Tuesday, where Musk is anticipated to provide updates on the long-awaited robotaxi project.