Tesla’s stock experienced an increase on Monday as Elon Musk continued to highlight the potential benefits of the company’s humanoid robots. Musk announced on X that Tesla plans to produce useful humanoid robots for internal use next year, with hopes of scaling production for other companies by 2026.
During Tesla’s annual shareholder meeting in April, Musk indicated that the humanoid robot, named Optimus, would enter limited production in 2025, projecting that over 1,000 robots would be in operation by the end of that year. Currently, two robots are on Tesla’s factory floor, although the company has not disclosed their specific tasks.
Musk hypothesized that the robots could significantly boost Tesla’s market capitalization by as much as $20 trillion. The robots are not expected to be available for sale until late 2025, with a projected price range of $20,000 to $30,000.
However, the definition of “genuinely useful” robots remains vague, as previous demonstrations have drawn skepticism. In May, Tesla faced criticism for a video that showcased an Optimus robot folding a shirt, which was later revealed to be controlled by someone off-screen.
This is not the first instance where Tesla’s presentations have raised questions. The company initially introduced the Optimus project in 2021, featuring a person dressed in a robot costume dancing on stage.
Analyst Craig Irwin from MKM expressed doubt about Tesla’s aspirations, stating that it would be challenging for them to surpass competitors like Boston Dynamics, suggesting that their current technology resembles that of 2014.
Apart from Boston Dynamics, Tesla faces competition from Honda and Apptronik in Japan. In China, automakers Dongfeng Motor and Nio are testing humanoid robots from UBTech Robotics, while BMW has been utilizing humanoid robots from Figure in its operations since January.
Following Musk’s recent comments, Tesla’s stock rose by over 3% on Monday. Year-to-date, shares are relatively stable after experiencing 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 anticipated launch of the company’s robotaxi.