Tesla’s stock saw an increase on Monday as CEO Elon Musk continued to highlight the potential impact of the company’s humanoid robots. Musk stated on social media that Tesla plans to produce “genuinely useful humanoid robots” for internal use in 2024, with hopes for broader production for other companies by 2026.
During Tesla’s annual shareholders meeting in April, Musk indicated that the company would begin limited production of its humanoid robot, named Optimus, in 2025. He projected that by the end of that year, over 1,000 robots could be operational within Tesla. Currently, two robots are reportedly on the factory floor, though Tesla has not disclosed their specific tasks.
Musk previously suggested that the introduction of these robots could potentially add $20 trillion to Tesla’s market value. The robots are expected to be available for purchase around late 2025, with projected prices ranging between $20,000 and $30,000.
However, the definition of “genuinely useful” remains vague, and past demonstrations of the robots have not impressed. In May, Tesla faced criticism for a video showing an Optimus robot folding a shirt, which was revealed to have been manipulated by an off-screen operator. This is not the first time that Tesla has been accused of exaggerating the capabilities of its robots; the Optimus project was initially introduced in 2021 with a live demonstration featuring an individual in a robot costume.
Analysts have expressed skepticism about Tesla’s ambitions in the humanoid robot space. Craig Irwin, an analyst at MKM, commented on Yahoo Finance that reaching the level of innovation seen at companies like Boston Dynamics presents a significant challenge for Tesla, noting that their demonstrations appear outdated compared to current technology.
In addition to competing with Boston Dynamics, Tesla faces competition from Honda, Apptronik, and Chinese companies like Dongfeng Motor and Nio, which are already testing humanoid robots from UBTech Robotics. BMW has also collaborated with Figure’s humanoid robots in its production processes since January.
Following Musk’s remarks, Tesla’s stock increased by over 3% on Monday. Year-to-date, shares have remained relatively stable after a notable recovery in recent months. Tesla is set to report its second-quarter earnings on Tuesday, where Musk is expected to provide updates regarding the delayed launch of the company’s robotaxi service.