Tesla (TSLA) eyes humanoid robots to beat labor shortage

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Tesla (TSLA) eyes humanoid robots to beat labor shortage

 Tesla (TSLA) eyes humanoid robots to beat labor shortage
Image source: Camilo Concha,Shutterstock

Highlights

  • Tesla (TSLA) to launch Tesla Bot, a robot designed to do repetitive or tedious tasks.
  • The bot is expected to address the issue of labour shortage.
  • Tesla stock rose 0.35 percent to US$ US$675.41 at 12.12 pm ET after the news.

Tesla Inc (Nasdaq: TSLA) will launch a humanoid robot designed to do tedious and dangerous work, CEO Elon Musk said at the company's AI Day on August 19.

Tesla Bot has a height of five feet eight inches and weighs 125 pounds. It can do repetitive tasks like attaching bolts or buy groceries. The friendly robot will have a screen instead of a face that will contain information.

The robot will be able to deadlift 150 pounds and carry 45 pounds, and it will walk at a speed of 5mph. Tesla's Autopilot software would run the robot. In addition, it will have eight cameras for the neural network that Tesla had developed for its full self-driving software.

The innovation is aimed at addressing the problem of labour shortage. However, Musk did not reveal the date when the robots would be launched.

Also read: Top semiconductor stocks to watch out amid global chip supply shortage

In 2019, Musk had announced that over one million robot taxies would be plying on roads by the end of 2020. However, that did not happen. The company is yet to launch autonomous cars because its full self-driving software still needs an operator.

However, safety concerns regarding its full self-driving software are being raised. Musk did not comment on the criticism but said the safety of its full self-driving software would be higher than the safety of cars with cameras and computers.

TSLA’s stocks rise

Stocks of the electric automobile maker rose 0.35 percent to US$675.41 at 12.12 pm ET on August 20, a day after the announcement of Tesla Bot. The market capitalization of TSLA is US$667 billion. The P/E ratio is 351.42 and the forward P/E one year is 213.80. The EPS is US$1.92.

Source: Pixabay.

The highest and lowest stock price of the blue-chip company for the past 52 weeks were US$900.40 and US$329.88. The stock value of the company declined 4.35 percent YTD.

The company reported total revenue of US$11.96 billion in Q2 against US$6.04 billion in the year-ago quarter. Adjusted earnings per share were US$1.45 against US$0.97 in Q2 last year.

The gross profit of the EV maker was US$2.8 billion against US$1.2 billion in Q2 last year. The net income was US$1.1 billion against US$104 million in Q2 last year.  

Also read: Will they weather the volatile market? Eight tech ETFs to explore

Bottomline

Tesla surpassed Wall Street expectations in Q2 earnings reported in July. The EV maker expects to grow stronger in the coming quarters due to innovative products like Tesla Bot.

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