India, March 18 -- Mobility company Canoo Inc. (GOEV), Monday announced the U.S. Department of Commerce has approved its 125-acre facility in Oklahoma City as a Foreign Trade Zone.
The company stated that the approval would accelerate Canoo's Made in America electric vehicle manufacturing strategy, improve unit profitability and enable a faster path to breakeven.
"This FTZ will generate economic growth, American jobs, and have a long-term permanent financial benefit to working capital and cost of materials," said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
Currently, Canoo's stock is surging 67.52 percent, to $3.27 on the Nasdaq.
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