Benzinga Before The Bell: Texas Giga Tesla''s Output Ramp Up, California''s Lithium Tax, Spot Bitcoin ETF Proposal Rejection And Other Top Financial Stories Thursday, June 30 Reuters Hyundai, Affiliates Plan To Set Up New Company In US: Hyundai Motor Co (OTC: HYMTF ) is planning to launch a company along with its two affiliates in the U.S., Reuters reported. Through the move, the company plans to strengthen its presence in the U.S. by exploring business opportunities. In May, Hyundai said it would invest more than $10 billion in the U.S. by 2025, to strengthen partnerships with firms in the U.S. California''s Lithium Tax Could Upset GM, Stellantis'' EV Ambitions A proposed flat-rate tax on lithium produced in California''s Salton Sea region will shelve the electric vehicle battery metal deliveries to General Motors Company (NYSE: GM ) and Stellantis N.V . (NYSE: STLA ). The tax may push some mining companies to exit the state entirely. The move comes as lithium supplies failed to match surging demand amid the push to phase out gasoline-powered vehicles. California officials expected the tax to help restore the Salton Sea region from damage in the 20th century by years of heavy pesticide use from farming.