"Canoo (GOEV) Stock Skyrockets as OKC EV Facility Receives Key Approval"
Canoo's (GOEV) stock surged after its Oklahoma City facility received approval as a Foreign Trade Zone (FTZ), which will help improve profitability as it scales production. The approval eliminates customs duties on vehicles sold overseas and defers duties on imported parts for EVs sold in the US, potentially lowering vehicle costs by up to 5%. Despite financial concerns, Canoo is making progress with commercial electric van deliveries and expects to benefit from the IRA's Commercial Clean Vehicle Credit, with a +$3 billion order book and $750 million in committed orders.
