Canoo Inc., a mobility company, announced on Monday that its 125-acre facility in Oklahoma City has received approval as a Foreign Trade Zone by the U.S. Department of Commerce.
The company noted that this approval will accelerates its strategy to manufacture electric vehicles in America, thereby improving the profitability of each unit produced, as well as speeding up its path to financial breakeven.
Tony Aquila, the investor, executive chairman, and CEO of Canoo, stated that the approved Foreign Trade Zone will contribute to economic growth, create job opportunities in America, and yield a long-term, permanent financial advantage for working capital and material costs.
Currently, shares of Canoo on Nasdaq are experiencing a significant increase of 67.52 percent, bringing each share's price to $3.27.
