Robots will become a part of our day-to-day life and Elon Musk is making sure of that!

As during the Annual Shareholders Meeting, Elon Musk shared his plans for Tesla's humanoid robots, the Optimus bot. Musk stated that he believes everyone in the world would want one. He expects these robots to be used widely, including in industries to make products.

Tesla aims to produce about a billion robots per year, hoping to capture at least 10 per cent of the market. Musk mentioned that the cost of the robots could be around $10,000 each at high production scales. If sold for $20,000 each, Tesla could make a trillion dollars in profit annually.

He said, "Let's say the production rate is probably something like a billion humanoid robots a year. If Tesla has a 10 per cent share of that, it might be a lot more than 10 per cent, we could make about 100 million Optimus units a year. For reference, the auto industry is roughly 100 million vehicles per year. So, it's similar, at least within an order of magnitude.

He added, "I think we could make one for a cost of maybe $10,000 at really high scale. It's smaller and would be less expensive than a car. If we sold it for $20,000 at large scale volume, Tesla would basically make about a trillion dollars of profit a year from that."

He predicts that the ratio of humanoid robots to humans will be at least 2 to 1. Musk estimates there could be 10 to 30 billion robots worldwide.

Musk said, "I think everyone in the world is gonna want one, like, literally everyone. And then there'll be robots in industry making stuff. I think the ratio of humanoid robots to humans will probably be at least 2 to 1, something like that. 1 to 1 for sure. Which means somewhere on the order of 10 billion humanoid robots, maybe 20 or 30 billion."

Tesla shareholders also approved the record pay package of the billionaire. Several major institutional investors were against this move but Elon Musk managed to convince the majority of shareholders.