Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo said on Thursday it has secured approval for the final activation of its Oklahoma City operations as a Foreign-Trade Zone (FTZ) as it “scales production” for global customers.
Last Friday, the company said it withdrew its guidance for revenue, manufacturing run rates, as well as the production and delivery of vehicles for 2024 and subsequent periods.
The company said the FTZ status will now allow Canoo to “significantly streamline its operations, offering financial and logistical benefits” amid production scale for customers in the U.S., the United Kingdom, Europe, and the Middle East.
Additionally, Canoo emphasized that its supply chain has been simplified, as the new status protects the company and provides stability “against constantly changing tariffs “against the ever-changing tariffs landscape.”
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Canoo worked with U.S. Customs for about a year to secure the FTZ status. The initial approval came in March 2024, with the final activation completed after months of preparation, including necessary infrastructure developments at the facility.
The chief executive Tony Aquila, said “It’s great to get this milestone completed as it’s part of a larger strategy with more to come.”
Canoo said last Friday it signed an Equity Distribution Agreement with Northland Securities Inc. to sell up to $200 million of its common stock through an at-the-market (ATM) offering.
Written by Cláudio Afonso | LinkedIn | X
