Canoo's Oklahoma City facility approved as a Foreign Trade Zone, enabling duty elimination on exported vehicles and duty deferral on imported parts.
Canoo Inc's Oklahoma City manufacturing facility has been approved as a Foreign Trade Zone (FTZ), enabling the electric vehicle company to eliminate customs duties on vehicles sold overseas and defer duties on imported parts for domestic vehicle sales. This FTZ designation will boost Canoo's "Made in America" strategy, improve unit profitability, and accelerate a faster path to breakeven. The FTZ approval is expected to save Canoo up to 5% on vehicle costs for parts imported from outside North America and improve working capital by deferring customs duties and tariffs.
March 18, 2024
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