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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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.