GOEV - Why Canoo (GOEV) Stock Is Skyrocketing | Benzinga

Canoo Inc (NASDAQ:GOEV) shares are trading higher by 56% to $3.03 during Monday’s session after the U.S. Department of Commerce has approved its Oklahoma City facility as a Foreign Trade Zone.

The company says FTZ designation enables Canoo to eliminate customs duties on vehicles sold internationally and defer duties on imported parts used in domestic sales. The company sources over 90% of its parts from the U.S. and allied nations, with 70% from North America. This designation is expected to reduce vehicle costs by up to 5% for international sales and improve working capital for domestic sales by deferring customs duties until the vehicle is delivered to customers.

Tony Aquila, Canoo’s Investor, Executive Chairman and CEO, expressed gratitude to stakeholders for achieving this milestone, emphasizing the economic growth, job creation, and long-term financial benefits for Canoo. The company plans to expand its manufacturing site in Oklahoma, aiming to ...

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