Tesla’s stock experienced an increase on Monday as Elon Musk continues to highlight the potential of the company’s humanoid robots.
According to Musk, Tesla plans to have functional humanoid robots in low production for internal use in 2024 and aims for high production for external clients by 2026. He mentioned on X that “Tesla will have genuinely useful humanoid robots,” emphasizing optimism about their development.
During Tesla’s annual shareholders meeting in April, Musk indicated that the Optimus robots would enter limited production by 2025, with expectations of over 1,000 of them operational within the company by year-end. Currently, two robots are already present on the factory floor, although Tesla has not disclosed their specific roles.
Musk proposed a scenario where the introduction of these robots could boost Tesla’s market capitalization by $20 trillion. However, the robots are not anticipated to be available for sale until late 2025, with projected price tags ranging from $20,000 to $30,000.
Questions remain regarding the practicality of the robots, particularly after past demonstrations underwhelmed. In May, Tesla faced criticism for showcasing an Optimus robot folding laundry; it was later revealed that the robot was being remotely controlled by an individual off-screen.
The introduction of the Optimus project was marked by theatrics, including a display featuring a dancer in a robot costume back in 2021, raising skepticism about the project’s seriousness.
MKM analyst Craig Irwin pointed out the challenges Tesla faces in competing with established robotics companies like Boston Dynamics and criticized the company for presenting technology that appears outdated.
As Tesla navigates the competitive landscape against rivals such as Hyundai’s Boston Dynamics, Honda, Apptronik, and various Chinese automakers developing similar technologies, shares of Tesla climbed over 3% following Musk’s comments. Year-to-date, the stock’s performance remains largely stable after experiencing significant recovery in recent months.
Tesla is set to announce its second-quarter earnings on Tuesday, where Musk is expected to provide updates on the delayed rollout of the company’s robotaxi service.