Canoo’s Oklahoma City Manufacturing Facility Achieves Final Activation as First Automotive Foreign-Trade Zone in the State of Oklahoma
September 19 2024 - 7:00AM
Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility
company, announced today that the U.S. Customs and Border
Protection (CBP) has officially approved final activation of
Canoo’s Oklahoma City operations as a Foreign-Trade Zone (FTZ),
becoming one of the largest FTZs in the State of Oklahoma.
This activation status qualifies Canoo to take advantage of FTZ
benefits, effective immediately. This final designation will allow
Canoo to significantly streamline its operations, offering
financial and logistical benefits as the company scales production
of its modular electric commercial vehicles for customers in the
U.S., the United Kingdom, Europe, and the Middle East.
Canoo has worked for approximately a year with the U.S. Customs
and Border Protection for approval and activation of the FTZ.
Initial approval was received in March 2024 and over the last
several months Canoo completed this final activation milestone for
this facility, which includes having the necessary infrastructure
to activate the site.
“We thank Oklahoma City Customs Port Director Pequano and the
Dallas U.S. Customs and Border Protection Area Port office for the
work, support and direction for the activation approval. It's great
to get this milestone completed as it's part of a larger strategy
with more to come,” said Tony Aquila, Investor, Executive Chairman,
and CEO of Canoo.
This is a significant first step in harmonizing Canoo’s supply
chain and insulating the company from the standard practices in
other countries, providing stability against the ever-changing
tariffs landscape.
For more information on Canoo please visit www.canoo.com.
About CanooFounded in 2017, Canoo Inc. (NASDAQ:
GOEV) is an automotive tech company that manufactures electric
cargo vehicles, built to deliver, for large commercial, government
and fleet customers globally. The company has developed
design-forward innovative electric vehicles with steer-by-wire
technology on its common modular platform with end-to-end software
plus power solutions. Canoo’s platform is purpose-built to maximize
the vehicle interior space and is customizable to support a wide
range of business and government applications. Headquartered in
Justin, Texas, Canoo has teams located in California, Michigan and
Oklahoma with world-class vehicle and battery facilities in
Oklahoma City. For more information please visit www.canoo.com and
investors.canoo.com.
Forward-Looking StatementsThe information in
this press release includes "forward-looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward- looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements about our plans, expectations and objectives with
respect to the results and timing of the reverse stock split and
the effect the reverse stock split will have on the Company’s
ability to regain compliance with the Nasdaq Listing standards.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to access future capital, via debt or equity markets, or other
sources; the rollout of Canoo's business and the timing of expected
business milestones and commercial launch; future market adoption
of Canoo's offerings; risks related to Canoo's go-to-market
strategy and manufacturing strategy; the effects of competition on
Canoo's future business, and those factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Canoo's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023
filed with the U.S. Securities and Exchange Commission (the "SEC")
on April 1, 2024, as well as its past and future Quarterly Reports
on Form 10-Q and other filings with the SEC, copies of which may be
obtained by visiting Canoo's Investors Relations website at
investors.canoo.com or the SEC's website at www.sec.gov. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Canoo does not presently know or that Canoo currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Media Contactpress@canoo.com
Investor Relations ContactIR@canoo.com
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