Energy briefs

**  EIA expects U.S. crude oil production will average 13.5 million barrels per day in 2025, a record high. EIA had previously expected domestic crude oil production would average 13.7 million barrels per day next year but revised its production forecast lower largely due to its expectation of lower crude oil prices.

** GM CEO Mary Barra told those at an investor day Tuesday in Tennessee that better days are coming that profit margins have not peaked on traditional internal combustion engine (ICE) powered vehicles, and its EV sales are ramping up, something sources previously told Reuters would be outlined.

** Toyota is delaying the production of its first U.S.-made electric vehicle until 2026 at the earliest. Still, it says it’s going to sell as many as seven all-electric vehicles here within the next two years.

** Rep. Elissa Slotkin, D-Mich., is slamming electric vehicle mandates in her bid for a swing state Senate seat, despite recently voting against a bill aiming to block them. The Democratic congresswoman, who is running for Michigan’s open Senate seat this cycle, released a new ad against mandating electric vehicle sales.

** A federal appeals court ruling likely removes the last major obstacle for a $1.5 billion transmission line project that would import hydropower from Canada into the New England grid.

** Iowa agriculture officials plan to reclaim and restore seven sites across the state that were historically used for coal strip mining. 

World

** Taiwanese tech giant Foxconn said on Tuesday it is building the world’s largest production plant for US hardware leader Nvidia’s GB200 “superchips” that power artificial intelligence servers. Foxconn, also known by its official name Hon Hai Precision Industry, is the world’s biggest contract electronics manufacturer and assembles devices for major tech companies, including Apple.

**  Hon Hai Precision Industry Co. said that it will take years to build up its nascent automotive arm as electric vehicle sales slow globally, while its business of making and selling AI servers with Nvidia Corp. chips has been booming and growing fast. The world’s biggest iPhone assembler is proceeding cautiously with its EV push.