News
EV adoption spurs updated guidance on parking structure design
As electric vehicles (EVs) become increasingly common on roads around the world, many infrastructural changes will be needed to accommodate them. One example includes the design of parking garages, which some say will require updated fire safety protocols and additional modifications to accommodate the heavy weight of EVs.
The United Kingdom’s Institution of Structural Engineers released a new design guidance for parking garages earlier this year, pointing out a broad range of topics related to the structures, from EV weight, charging access and reduced noise levels to fire safety considerations (via CNBC). The guidance includes suggestions for the design of garages that are multi-story, underground or simply located inside offices or residential buildings.
Perhaps the most pressing topic included in the guidance for parking garages — called multi-story car parks in the U.K. — is the battery hardware used in EVs, which makes them much heavier than internal combustion engine (ICE) vehicles. With increased range models and a wider span of vehicle classes, EV weights will likely continue getting heavier in the future.
“This extra load and the changing fire safety requirements are all considerations not just for new car parks, but for existing structures too,” the institution writes in the report.
According to the group, average vehicle weights have increased from 1.5 metric tons (3,307 pounds) in 1974 to almost 2 metric tons (4,409 pounds) this year. As one example, Tesla’s forthcoming Cybertruck is a stainless steel behemoth, expected to weigh somewhere between 5,000 and 8,000 pounds (2.3 to 3.6 metric tons).
Institution fellow and co-author of the guidance Chris Whapples also notes that some newer EVs are well over 3 metric tons (6,614 pounds).
“The thing to bear in mind is that the ones that cause the damage, if you like, are the heavy vehicles — not the vehicles that are heavier than they were 40 years ago but still within the capacity of the design for car parks,” Whapples explained in an interview with CNBC. “We’re seeing increasing numbers now of SUVs, large executive cars — both fossil-fueled and battery ones — and pickup trucks, which are immensely heavy.”
Whapples details a handful of potential solutions for heavy vehicles, primarily including the need to retrofit older garages with increased structural support, either in specific spots that are determined to be weaker or in their entirety. He also notes that heavy vehicles could stay on ground floors to park, and garages could even screen the weights of cars as they enter.
“If one pickup is significantly overloaded and that car park is weak, that’s a potential disaster waiting to happen,” Whapples added. “We said, as an industry, we must actually check our car parks out and make sure that that’s not going to happen. Because what we want is the public to maintain confidence in our car parks and structural engineers.”
Another top concern detailed in the guidance was improving fire safety protocols in parking garages. Whapples notes that fire risks aren’t exclusive to EVs, adding that gasoline cars can also start fires and make situations more complicated. While EV fires aren’t considered more common than ICE vehicle fires, they can be especially tough to put out, he explains.
“To actually extinguish an EV fire is very, very difficult — particularly if the battery is on fire, because you’ve got so much energy that’s locked in,” Whapples said.
As for potential solutions, Whapples says that sprinkler systems could be an important way to mitigate fire spread, especially in underground car parks.
“Although the sprinkler system will not put out the car fire, it will reduce the rate of spread within the car park, so it’s constantly … ‘quenching’ the car next to the one that’s on fire, and stopping that one from catching fire,” Whapples explains.
All of these and more points will need to be considered ahead of mass EV adoption, both for existing garages and newly built construction. The International Energy Agency (IEA) expects EVs, buses, vans and heavy trucks to reach as many as 145 million units globally by 2030, though government ramp-up efforts could boost that number even more. In 2022, 10 million EVs were sold, including plug-in hybrids and battery-electric vehicles.
The discussions come ahead of Tesla’s initial release of the Cybertruck, which has been widely discussed for its large size, among other details. If many EVs are physically larger than ICE vehicles in the future, it could also require garages to be built with similarly larger parking spaces. Tesla has rolled out some wider and longer parking spaces at its Supercharger stations for the Cybertruck, a move that may be necessary for all parking structures down the road.
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Elon Musk
SpaceX IPO could push Elon Musk’s net worth past $1 trillion: Polymarket
The estimates were shared by the official Polymarket Money account on social media platform X.
Recent projections have outlined how a potential $1.75 trillion SpaceX IPO could generate historic returns for early investors. The projections suggest the offering would not only become the largest IPO in history but could also result in unprecedented windfalls for some of the company’s key investors.
The estimates were shared by the official Polymarket Money account on social media platform X.
As noted in a Polymarket Money analysis, Elon Musk invested $100 million into SpaceX in 2002 and currently owns approximately 42% of the company. At a $1.75 trillion valuation following SpaceX’s potential $1.75 trillion IPO, that stake would be worth roughly $735 billion.
Such a figure would dramatically expand Musk’s net worth. When combined with his holdings in Tesla Inc. and other ventures, a public debut at that level could position him as the world’s first trillionaire, depending on market conditions at the time of listing.
The Bloomberg Billionaires Index currently lists Elon Musk with a net worth of $666 billion, though a notable portion of this is tied to his TSLA stock. Tesla currently holds a market cap of $1.51 trillion, and Elon Musk’s currently holds about 13% to 15% of the company’s outstanding common stock.
Founders Fund, co-founded by Peter Thiel, invested $20 million in SpaceX in 2008. Polymarket Money estimates the firm owns between 1.5% and 3% of the private space company. At a $1.75 trillion valuation, that range would translate to approximately $26.25 billion to $52.5 billion in value.
That return would represent one of the most significant venture capital outcomes in modern Silicon Valley history, with a growth of 131,150% to 262,400%.
Alphabet Inc., Google’s parent company, invested $900 million into SpaceX in 2015 and is estimated to hold between 6% and 7% of the private space firm. At the projected IPO valuation, that stake could be worth between $105 billion and $122.5 billion. That’s a growth of 11,566% to 14,455%.
Other major backers highlighted in the post include Fidelity Investments, Baillie Gifford, Valor Equity Partners, Bank of America, and Andreessen Horowitz, each potentially sitting on multibillion-dollar gains.
News
Tesla expands global FSD (Supervised) testing with Abu Dhabi trials
The program marks the emirate’s first formal testing framework for Tesla’s supervised autonomous driving technology.
Tesla has started its first Full Self-Driving (Supervised) road trials in Abu Dhabi under the oversight of the Integrated Transport Centre, also known as Abu Dhabi Mobility.
The program marks the emirate’s first formal testing framework for Tesla’s supervised autonomous driving technology.
FSD (Supervised) road trials are being conducted with the support of the Smart and Autonomous Systems Council and in coordination with the Legislation Lab at the General Secretariat of the UAE Cabinet.
Dr. Abdulla Hamad AlGhfeli, Acting Director General of the Integrated Transport Centre (Abu Dhabi Mobility), highlighted the agency’s regulatory role in overseeing the FSD (Supervised) tests in a press release.
“The supervision of the Integrated Transport Centre (Abu Dhabi Mobility) over the commencement of Tesla’s advanced autonomous driving technology tests reflects its regulatory and legislative role. These tests represent a qualitative step to evaluate the technology’s performance in a real-world operating environment and to collect the necessary data to verify its readiness before any future expansion in usage.
“Through this organized framework, and in cooperation with strategic partners, we seek to achieve a balance between supporting innovation and encouraging the adoption of smart solutions on one hand and ensuring the safety of road users on the other, in line with the emirate’s direction to develop an advanced, safe, and sustainable transport system,” he said.
Tesla is putting a lot of effort into expanding the rollout of FSD (Supervised) to territories outside in the United States. During a recent interview with Giga Berlin plant manager Andre Thierig, Musk stated that Tesla is looking to secure approval for FSD (Supervised) in the Netherlands this coming March.
“Tesla has the most advanced real-world AI, and hopefully, it will be approved soon in Europe. We’re told by the authorities that March 20th, it’ll be approved in the Netherlands,’ what I was told. Hopefully, that date remains the same. But I think people in Europe are going to be pretty blown away by how good the Tesla car AI is in being able to drive,” Musk stated.
Elon Musk
SpaceX considering confidential IPO filing this March: report
The filing could pave the way for a June listing at a valuation that may exceed $1.75 trillion.
SpaceX is reportedly preparing to confidentially file for an initial public offering (IPO) as soon as March. The filing could pave the way for a June listing at a valuation that may exceed $1.75 trillion, potentially making it the largest IPO in history.
The update was initially reported by Bloomberg News, which cited information shared by people reportedly familiar with the matter.
As per the publication, a confidential filing allows a company to receive regulatory feedback before publicly releasing its financials. Bloomberg’s source, however, noted that the timing of SpaceX’s IPO is still under discussion and plans could change.
SpaceX did not immediately respond to requests for comment.
A March submission would mark the clearest step yet toward bringing Elon Musk’s private space company into public markets. People familiar with the preparations said the offering could raise as much as $50 billion. That would surpass the $29 billion debut of Saudi Aramco in 2019, currently the largest IPO on record.
Major banks including Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. are reportedly positioned for senior roles in the transaction. SpaceX is also said to be considering a dual-class structure that would allow insiders, including Musk, to retain enhanced voting control.
Satellite communications provider EchoStar Corp., which holds a stake in SpaceX, reportedly saw its shares rise following news of the potential filing.
At a valuation exceeding $1.75 trillion, SpaceX would immediately have a larger market cap than all but five of the companies traded in the S&P 500 index. That figure would place it ahead of Meta Platforms Inc. and Tesla Inc. by market capitalization, trailing only a small group of mega-cap firms such as Apple Inc. and Microsoft Corp.
The scale of the proposed valuation reflects SpaceX’s dominance in orbital launch services and its Starlink satellite network, which serves millions of users globally. The company has also outlined long-term expansion plans tied to higher Starship launch cadence, orbital infrastructure, and lunar development initiatives.
SpaceX IPO could push Elon Musk’s net worth past $1 trillion: Polymarket
Tesla expands global FSD (Supervised) testing with Abu Dhabi trials
