FTZ activation insulates Canoo from import tariffs and allows for deferments and exemptions as the company expands its global presence
The approval of Canoo’s FTZ allows other vendors and partners to relocate into Canoo’s user-driven site thereby broadening the benefits to Canoo and its partners
Effective immediately providing a 5% reduction in BOM costs for imported parts significantly improving margins
JUSTIN, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) — 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.
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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 Canoo Founded 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 Statements The 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.
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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.
The Oklahoma Sooners are continuing to rebuild their wide receiver room through the transfer portal. After the 2024 season saw the top five wideouts miss all or the vast majority of the season due to injuries, and three of those five players decided not to come back, Brent Venables and his coaching staff have been hard at work building back the wide receiver depth chart in stronger, healthier fashion.
Oklahoma has now added former Arkansas Razorbacks wideout Isaiah Sategna in the transfer portal, marking the third WR that will be transferring to Norman.
Javonnie Gibson (Arkansas Pine-Bluff) and Keontez Lewis (Southern Illinois) will have some work to do when it comes to playing in the SEC, but Sategna will be right at home in college football’s toughest conference. That trio will join returners Deion Burks and Jayden Gibson to try and help the wide receiver room rebound.
Sategna is a smaller receiver at 5’11 and 185 pounds, but he managed to haul in 37 receptions for 491 yards this season. He also had a punt return touchdown for the Hogs.
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There’s still plenty of work to be done when it comes to remaking OU’s wide receiver depth chart, but three additions in a few days is a good start.
Contact/Follow us @SoonersWire on X, and like our page on Facebook to follow ongoing coverage of Oklahoma news, notes, and opinions.You can also follow Aaron on X @Aaron_Gelvin.
The Oklahoma Turnpike Authority has been in operation for 77 years with the goal of creating and maintaining Oklahoma’s turnpike systems.
Executive Director Joe Echelle spoke with News On 6 about various topics surrounding the OTA including why it hasn’t invested in a high-speed rail system despite having the authority to do so.
Has the Oklahoma Turnpike Authority (OTA) considered implementing train systems or parking garages?
According to Joe Echelle, Executive Director of the OTA, there are provisions in state statute that allow for the potential development of parking garages or train systems under the agency’s purview. However, these concepts have not materialized due to their immense costs and logistical challenges.
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What are the challenges of building a train system between Oklahoma City and Tulsa?
Echelle explained that constructing a high-speed rail system between the two cities would cost billions of dollars. Beyond the upfront expense, the operational logistics make it difficult to justify such a project.
“In order to affect the number of vehicles that travel the Turner Turnpike, which is north of 40,000 vehicles on a weekday, you’d need to get thousands of people on a train. That’s just not feasible,” said Echelle.
Factors like frequency, ridership demand, and infrastructure costs all contribute to the challenge.
Could other forms of transportation, like buses, be more feasible?
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Echelle believes there is potential for alternative solutions, such as an express bus service connecting Oklahoma City and Tulsa. He pointed to the success of the OSU bus system, which transports students between campuses in Stillwater, Tulsa, and Oklahoma City.
“As we get the Turner Turnpike widened, I think it’s a real possibility to get an express bus service. But first, we need to address congestion by separating truck traffic from commuter lanes,” Echelle said.
To be clear, OTA wouldn’t have any role in creating or maintaining a bus service, but Echelle believes the expanded turnpike would be able to facilitate one.
Why is expanding the Turner Turnpike prioritized over alternative transportation?
Echelle said the Turner Turnpike currently handles traffic effectively, but ongoing efforts to expand it to six lanes aim to improve flow and address future congestion. Echelle emphasized that widening the turnpike will allow truck traffic to remain in the outer lanes, giving commuters smoother travel options in the inner lanes.
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Could parking garages still be part of OTA’s future?
While state law includes provisions for parking infrastructure, the focus for the OTA remains on improving roadways and exploring more viable transportation alternatives.
What is OTA’s overall vision for transportation in Oklahoma?
Echelle stated that a well-rounded transportation network, which includes trains, buses, and rapid transit, is essential for the state’s growing metropolitan areas. However, practical solutions like express bus services are more likely in the near term, especially as the Turner Turnpike widening progresses.
Report Card: Oklahoma moves to 11-0 with an 87-86 win over Michigan
The No. 14 Oklahoma Sooners are now 11-0 after a wild 87-86 win over No. 24 Michigan, erasing an 11-point second-half deficit. Freshman Jeremiah Fears was the star down the stretch, finishing with 30 points, including a game-winning four-point play in the final seconds, to push OU to victory.
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Fears wasn’t alone. Duke Miles contributed 17 points, with three big three-pointers, including a clutch shot during a 9-0 run that gave the Sooners their first lead of the second half. Jalon Moore also had 16 points before fouling out late.
The two seven-footers for Michigan — Vlad Goldin and Danny Wolf — were a tough matchup for OU, as they are for most teams. Goldin dropped 26 points, while Wolf added 15. Both grabbed 10 rebounds for double-doubles.
Tre Donaldson (14 points) and Roddy Gayle (15 points) also had solid performances for Michigan. But in the end, it was Fears’ late heroics that sealed it for the Sooners. Now, let’s dive into the Report Card from Oklahoma’s ranked win:
MVP: Jeremiah Fears
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It was a slower first half for Fears, but he continued to get to the line, drawing fouls at a high rate and racking up points from the free throw line. In the second half, though, he broke loose, scoring 20 of his career-high 30 points, including the game-winning four-point play.
In 34 minutes of action, Fears also recorded five turnovers and four assists. He shot 8-12 from the field, 3-4 from behind the arc, and 11-13 from the free throw line—making his 30-point performance even more impressive.
Oklahoma needed big-time shot-making from their guards if they were going to pull this one out, and Fears delivered, showcasing why he’s likely a future NBA lottery pick.
Fears has proven to be the biggest difference-maker in Porter Moser’s tenure at Oklahoma. The Sooners simply haven’t had a player who can do what he does. He showed the clutch gene that could make a huge impact as OU heads into SEC play.
Starting Five: A-minus
Fears was phenomenal, but Miles’ impressive play down the stretch cannot be overlooked. Oklahoma starts three guards, and we’ve seen each of them have their nights scoring-wise. The recipe for success, though, is having two of those guards clicking at once, and tonight, Fears and Miles delivered.
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Miles totaled 17 points — 15 of which came in the second half — on 5-11 shooting from the field, 3-6 from behind the arc, and a perfect 4-4 from the free throw line. He hit several clutch shots, including one three-pointer that gave Oklahoma their first lead of the night.
Moore also contributed, adding 16 points on 4-12 shooting from the field and 3-5 from deep, despite being in foul trouble for much of the night. He ultimately fouled out late in the second half.
Sam Godwin chipped in with 6 points and 7 rebounds on 3-6 shooting, while Kobe Elvis added 5 points on 2-7 shooting, including 1-4 from behind the arc. With Fears going for 30, Miles putting up 17, and Moore adding 16, the starters had a strong night overall.
Bench: B-plus
Glenn Taylor stepped up in a big way for Oklahoma. Playing 29 minutes — second most on the team — Taylor totaled 9 points, 5 rebounds, 3 steals, and 2 blocks. He shot 3-5 from the field and 2-4 from behind the arc.
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Taylor was a key defensive presence throughout the entire game, but he also contributed offensively, particularly in the first half. He scored 8 first-half points and hit two timely three-pointers. His all-around play, making several small but important contributions, helped Oklahoma secure the win.
In other bench news: Luke Northweather scored 2 points on 1-2 shooting in 14 minutes, while Brycen Goodine added 2 points on 1-2 shooting in 11 minutes. Dayton Forsythe had a solid 5-minute stint, and Mohamed Wague played just two minutes.
Rebounding: B
It’s important to note that Michigan’s two seven-footers posed a tough matchup for Oklahoma, and heading into the game, it was expected that the Wolverines would win the rebounding battle. They did, 37-32, but the Sooners kept it close, losing the battle by just five. Given the size disparity, losing by just five on the boards is a solid effort for OU.
Three-Point Shooting: A-plus
The Sooners were red-hot from beyond the arc, shooting 6-12 (50%) in the second half and finishing 12-25 (48%) for the game.
This sharp shooting played a huge role in their comeback win. With Michigan building an 11-point lead with just over eight minutes remaining, OU knew they needed to keep knocking down shots from deep—and they did just that. Miles, Fears, and Moore each hit three three-pointers, while Taylor contributed with two of his own.
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