Tesla’s stock is experiencing an uptick as Elon Musk continues to highlight the potential of the company’s humanoid robots. On Monday, Musk stated on X that Tesla aims to have genuinely useful humanoid robots in low production for internal use next year, with hopes of achieving high production for external companies by 2026.
During Tesla’s annual shareholder meeting in April, Musk previously mentioned that limited production of the Optimus robot would commence in 2025, with expectations of having over 1,000 robots operating at Tesla by the end of that year. Currently, two robots are already present on the factory floor, although the specific tasks they perform remain undisclosed.
Musk has suggested that the introduction of these robots could potentially add $20 trillion to Tesla’s market cap. It’s anticipated that the robots will not be available for sale until late 2025, with a projected price range between $20,000 and $30,000.
However, the definition of “genuinely useful” remains unclear, as previous demonstrations of the product have drawn skepticism. In May, Tesla faced criticism for showing a video of an Optimus robot folding a shirt, which was later revealed to have been controlled by a person off-screen.
Despite past criticism for what some perceive as exaggerated promotional tactics, such as unveiling the Optimus concept with a dancer in a robot suit, Musk insists on the project’s viability. Analysts have expressed doubt, noting that competing firms like Boston Dynamics are currently ahead in the humanoid robotics field.
In addition to Boston Dynamics under Hyundai, Tesla competes with Honda and Apptronik. Chinese manufacturers Dongfeng Motor and Nio are experimenting with humanoid robots from UBTech Robotics on their production lines, while BMW has been utilizing humanoid robots from Figure, a Silicon Valley company, since late January.
Following Musk’s recent comments, Tesla’s stock rose by over 3% on Monday. Overall, shares have remained relatively flat year-to-date after experiencing significant growth over the past two months. Tesla is set to release its second-quarter earnings on Tuesday, where Musk is expected to provide updates on the progress of the company’s delayed robotaxi project.