Tesla’s stock saw an increase on Monday as CEO Elon Musk highlighted the potential value of the company’s humanoid robots. Musk announced on social media that Tesla plans to have genuinely useful humanoid robots in low production for internal use next year, with hopes for high production for other companies by 2026.
During Tesla’s annual meeting in April, Musk indicated that their robot, named Optimus, would enter limited production by 2025, expecting to have over 1,000 robots operational in the company by year-end. Currently, two robots are on Tesla’s factory floor, although the roles they fulfill have not been disclosed.
Musk has suggested that the introduction of these robots could significantly boost Tesla’s market capitalization by as much as $20 trillion. However, the robots are not anticipated to go on sale until late 2025, with a projected price range of $20,000 to $30,000.
The exact functionality of the robots remains vague. Previous demonstrations have faced criticism, including an instance where a video showed an Optimus robot folding a shirt, which was later revealed to be controlled by an operator off-camera. This has raised skepticism about Tesla’s claims, especially given their prior introduction of the robot project with a performance by a dancer in a robot suit.
Tesla is not alone in this endeavor, facing competition from companies like Boston Dynamics, Honda, and Apptronik. Additionally, Chinese firms such as Dongfeng Motor and Nio are testing humanoid robots from UBTech Robotics, while BMW is using humanoid robots developed by Figure in its operations.
Following Musk’s comments, Tesla’s stock increased by over 3% on Monday. Year-to-date, shares have remained relatively stable after experiencing a notable rebound over the past two months. Tesla is set to release its second-quarter earnings on Tuesday, where Musk is expected to update on the much-anticipated robotaxi project.