Canoo Inc (NASDAQ:GOEV) received approval from the U.S. Department of Commerce for its Oklahoma City facility to be designated as a Foreign Trade Zone (FTZ). This designation is expected to enhance Canoo's electric vehicle manufacturing strategy in the U.S., improve profitability, and accelerate the path to breakeven. The facility, which currently employs over 100 workers, aims to support up to 1,100 jobs at full capacity. The FTZ status will eliminate customs duties on vehicles sold internationally and defer duties on imported parts for domestic sales, potentially reducing vehicle costs by up to 5% on imported parts. Canoo sources over 90% of its parts from the U.S. and allied nations, with 70% coming from North America.