02:12 PM EDT, 03/18/2024 (MT Newswires) -- Canoo ( GOEV ) said Monday its Oklahoma City facility was approved by the US Department of Commerce as a foreign trade zone.

Under the FTZ, vehicles sold overseas will incur no custom duties, and duties on imported parts used in domestically sold vehicles will be deferred, according to the company.

Canoo ( GOEV ) said it is seeking approval for its remaining facilities in Oklahoma.

The company shares were up more than 62% in recent trading.

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