Canoo's Oklahoma City Manufacturing Unit Approved As Foreign Trade Zone; Stock Soars

(RTTNews) - 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.