Tesla’s stock experienced an increase on Monday as CEO Elon Musk continues to highlight the potential of the company’s humanoid robots. Musk stated on social media that Tesla aims to introduce humanoid robots for internal use on a limited scale next year, with plans for mass production for other companies by 2026.
During Tesla’s annual meeting in April, Musk indicated that the humanoid robot, named Optimus, would enter limited production by 2025, predicting that over 1,000 of these robots could be in operation at Tesla facilities by the end of that year. Currently, two prototypes are on the factory floor, although their specific functions have not been disclosed.
Musk previously suggested that the introduction of these robots could potentially boost the company’s market value by $20 trillion. However, the robots are not expected to be available for purchase until late 2025, with anticipated prices ranging from $20,000 to $30,000.
There remains some skepticism regarding Musk’s assertion that the robots will be “genuinely useful,” given past demonstrations that have drawn criticism. One of these involved a video where an Optimus robot appeared to fold a shirt, which was later revealed to have been operated by a person off-screen.
Skeptics have pointed out that Tesla has previously been accused of relying on flashy presentations. In a notable incident during the 2021 reveal of the Optimus project, a person dressed in a robot costume performed a dance.
Industry analysts express doubts about Tesla’s ability to compete with established robotics firms like Boston Dynamics. According to Craig Irwin, an analyst at Roth MKM, “What they’ve shown us is really state of the art for 2014,” illustrating the challenges Tesla faces in this arena.
In addition to Boston Dynamics, Tesla is up against competition from Japan’s Honda and Apptronik. Chinese companies Dongfeng Motor and Nio are testing humanoid robots produced by UBTech Robotics, while BMW has been utilizing humanoid robots from Silicon Valley-based Figure since January.
Following Musk’s remarks, Tesla’s stock rose by over 3% on Monday. The shares have remained mostly flat throughout the year after a significant rebound in the past two months. Tesla is set to report its second-quarter earnings on Tuesday, where Musk is anticipated to provide updates on the long-awaited robotaxi project.