Canoo Inc. (NASDAQ:GOEV) shares surged following the U.S. Department of Commerce's approval of its Oklahoma City facility as a Foreign Trade Zone, enhancing its electric vehicle manufacturing strategy in America. The approval is expected to improve unit profitability and expedite breakeven. The Oklahoma City site, employing over 100 people, aims to create up to 1,100 manufacturing jobs at full capacity. The FTZ designation benefits include eliminating customs duties on international sales and deferring duties on imported parts for domestic sales. Canoo's stock has risen nearly 200% since the announcement. However, year to date, GOEV shares have lost 64.35%, outperforming its historical average annual return of -78.69%. The stock's RSI of 78.36 indicates overbought conditions.