Tesla’s robots are coming

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Tesla will begin using robots in 2025.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.

00:04There were minor moves for the stock market Tuesday as economic data and corporate results gave investors much to chew on.

00:11Existing home sales tumbled for the fourth straight month in June to their lowest of the year. The median sales price ballooned to a record

00:18high of $426,900.

00:21Meanwhile, Spotify beat forecasts with record quarterly profits, a surge in new paying

00:27subscribers and cost cuts by way of layoffs helped boost the bottom line.

00:31Ford, Chipotle and IBM will continue the earnings parade on Wednesday.

00:36In other news, humanoid robots will be joining the Tesla workforce in 2025, according to Elon Musk.

00:43Posting on X, he wrote, quote, Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and

00:52hopefully high production for other companies in

00:552026. Musk's recent timeline is about a year later than earlier indicated.

01:00The humanoid robot called Optimus is expected to help in production by taking on difficult chores and stepping in to reduce labor shortages.

01:09According to its official social media account on X, the robot will be, quote, capable of performing tasks that are unsafe,

01:16repetitive or boring.

01:18Musk is eager to merge the manufacturing success of Tesla with his artificial intelligence startup XAI

01:25with both on display in Optimus. The initial price tag is going to be less than $20,000 per robot, according to Musk.

01:32But he's not the only one working on a lifelike robot. Honda and Boston Dynamics are working on humanoid robots of their own.

01:41That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.

01:48You