Rise of the robots will one day make Tesla worth as much as Apple, says CEO Elon Musk.

Robot software will make Tesla worth as much as Apple, according to Elon Musk.

The Tesla CEO said the company would achieve its $700 billion (£543 billion) valuation in 10 years by developing sophisticated robot technology.

Musk said his company's success in the coming decade would 'heavily involve Tesla going at the machine that builds the machine'.

'This is not just a bunch of robots that are sitting there. It's programming of the robots and how they interact. And it's far more complex than the software in the car', he said in his statement on the company's earnings on Wednesday.

Tesla is currently worth $51 billion (£39.5 billion) and Apple, which is the world's most valuable company, is worth $776 billion (£602 billion).

Musk is referring to automated manufacturing technologies that will produce the Tesla 3 model.
The Model 3 - the company's first mass market car - is a pitch to middle class drivers and a key component in Musk's vision to mainstream the electric car.

The company will be rolling out three more production lines including one in the New United Motor Manufacturing, Inc (NUMMI) factory in Fremont in California which is projected to build 100,000 more cars every year.