Elon Musk Announces Tesla Will Produce Humanoid Robots in 2022, Impact on Tesla's Finances Revealed
In a groundbreaking move, Tesla CEO Elon Musk revealed that the electric car company will begin producing humanoid robots starting next year. The announcement comes as Tesla faces challenges with declining demand for its cars, prompting a focus on cost reduction.
Despite a nearly 50% drop in profits for the second quarter of the year, Tesla managed to achieve a 2% increase in overall revenue, thanks to growth in its energy storage business. However, the company's automotive revenue fell by 7% year-on-year, signaling tough times ahead.
Tesla's shares took a hit, falling by almost 8% in after-hours trading following the news. Musk's emphasis on technologies like artificial intelligence, autonomous driving, and robots reflects a strategic shift for the company amid a slowdown in electric vehicle demand.
The humanoid robot, dubbed Optimus, is expected to be ready for use in Tesla factories by the end of this year. Musk envisions mass production of the robots for internal use by Tesla next year, with plans to sell them to other companies by 2026.
While Musk is known for setting ambitious timelines, the success of the humanoid robot project could have a significant impact on Tesla's future profitability. As the company continues to innovate in the realm of automation, investors should keep a close eye on how these developments unfold.