Elon Musk Says Tesla Bot Will be Worth More Than EV, Full Self-Driving Businesses

Tesla Inc TSLA CEO Elon Musk is bullish on the company's humanoid robot, Optimus, and believes it will be worth more than the EV maker’s current flagship businesses.

What Happened: The billionaire entrepreneur told analysts on a post-earnings call on Wednesday that the magnitude of the Optimus program is currently not understood and that it is worth more.

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“The importance of Optimus will become apparent in the coming years. Those who are insightful or listen carefully will understand that Optimus will ultimately be worth more than the car business, worth more than the FSD (full self-driving). That's my firm belief,” Musk said.

Why It Matters: Musk first revealed the humanoid robot at the AI Day last year. The bot, Musk said, seeks to change the perception of Tesla being just a car company and make it about being the “world’s largest robotic company.”

The world’s richest man has previously said Optimus sits high in terms of priority and is the most important product the company is working on.

The 5-foot, 8-inch robot will initially perform routine tasks and rely on Tesla’s work in neural networks and on its Dojo advanced supercomputer.

See Also: Elon Musk Says He's 'Driving' The Tesla Bot Program Personally — Because He 'Has To'

Price Action: Tesla stock closed 4.96% lower at $977.2 a share on Wednesday, but rose 5.5% in extended trading following quarterly results.

Photo courtesy: Tesla