Tesla’s stock saw a boost on Monday following comments from Elon Musk regarding the potential value of the company’s humanoid robots. Musk stated on X that Tesla plans to have useful humanoid robots in limited production for internal use next year and aims for high production for external companies by 2026.
Back in April, during Tesla’s annual meeting, Musk indicated that the Optimus project would enter limited production in 2025, with more than 1,000 robots expected to be operational at Tesla by the end of the year. Currently, two robots are on the factory floor, although their specific functions have not been disclosed.
Musk previously hinted that the humanoid robots could significantly increase Tesla’s market capitalization by $20 trillion. However, the robots are not anticipated to be available for purchase until late 2025, with a projected price range of $20,000 to $30,000.
Musk’s description of the robots as “genuinely useful” has raised questions, particularly given that earlier demonstrations have been criticized. For instance, in May, Tesla was accused of misleadingly showing a robot folding a shirt while a person off-screen was actually controlling it. The company has faced scrutiny in the past as well, notably when unveiling the Optimus project in 2021 with a person in a dance costume.
Craig Irwin, an analyst at Roth MKM, expressed skepticism about Tesla’s ambitions, questioning their ability to compete with established players like Boston Dynamics, noting that their technology appears outdated compared to current standards.
Tesla is not the only player in the humanoid robot space. Competitors include Hyundai’s Boston Dynamics, Honda, and Apptronik, with Chinese firms like Dongfeng Motor and Nio also testing humanoid robots developed by UBTech Robotics. BMW has been utilizing humanoid robots from Silicon Valley’s Figure in its facilities since late January.
On the back of Musk’s remarks, Tesla’s stock increased over 3% on Monday, maintaining a steady position for the year after a substantial recovery over the past two months. Tesla is set to report its second-quarter earnings on Tuesday, where Musk is expected to address the delays concerning the robotaxi rollout.