Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo has granted further approval from the U.S. Foreign-Trade Zones (FTZ) Board for its battery module manufacturing facility in Pryor, Oklahoma.
In September, the Texas headquartered company announced that the U.S. Customs and Border Protection (CBP) had officially activated its Oklahoma City EV plant as a Foreign-Trade Zone allowing it to benefit from reduced customs duties and streamlined import and export processes. At the time, the EV maker said the approval would accelerate the production scale of its EVs eyeing the U.S., the United Kingdom, Europe, and the Middle East regions.
In late November, the company’s CEO Tony Aquila reaffirmed Canoo‘s goal of “move up production” next year despite admitting that the next four to six months will be “very tough”.
Building on this, the FTZ Board approved the subzone status for Canoo’s Pryor facility on December 2, according to the Department of Commerce. The Pryor battery module plant, announced in November 2022, is dedicated to manufacturing battery modules with a total capacity of approximately 3,200 megawatt-hours (MWh).
On the social media platform X, user ‘oonac15’ noted that the recent FTZ approval relates to Canoo’s battery module manufacturing operations. This follows the FTZ approval for Canoo’s EV manufacturing plant announced in September.
Canoo said in a new SEC filing on Friday that it received a notice from Nasdaq after the company’s stock had closed below the $1.00 per share minimum bid price for 30 consecutive days.
At Friday’s annual shareholders meeting, Canoo saw its reverse stock split approved — a crucial step to regain compliance. The stock hit a new record low on Friday at $0.29. The company has recently disclosed that it issued 7,185,125 shares of its common stock raising about $2.87 million to pay suppliers and vendors as its cash reserves approach $0.
Written by Cláudio Afonso | LinkedIn | X
