The SEC closed its investigation into the bankrupt electric-vehicle startup Fisker, which specializes in electric cars, in September last year, about a year after its launch.
News of the closure came after the regulator’s response to a Freedom of Information Act (FOIA) request in January. In the SEC’s FOIA unit, it noted that it had uncovered “approximately 21.7 gigabytes of electronically stored records” related to the investigation. The agency typically does not disclose materials from open investigations, but later explained that the investigation “was closed in September 2025.”
“approximately 21.7 gigabytes of electronically stored records” related to the investigation.
How far the investigation has progressed is unknown. The SEC disclosed the existence of the investigation in October 2024 during Fisker’s bankruptcy. At that time, the agency noted that it had sent subpoenas to the company and that it might need to “seek or issue subpoenas” for additional documents as part of the ongoing investigation.
A spokesman for the agency declined to comment. Fisker founder and former CEO Henrik Fisker did not respond to requests for comment.
Context and Regulatory Trends
The closure of Fisker’s investigation comes amid a significant drop in enforcement activity and settlements during the second term of President Trump. In 2025, the SEC initiated 313 enforcement actions – the lowest figure in ten years and 27% lower than the last year of Biden’s term, according to analysis by the law firm Paul, Weiss. Only four of these actions touched public companies. Total settlement amounts fell by 45% compared with 2024.
Fisker was one of the last EV startups under SEC scrutiny. In recent years, the agency has reached settlements over fraud allegations or other violations with Nikola, Lordstown Motors, Canoo, Hyzon Motors, and others. In 2023, the SEC closed the investigation into Lucid Motors without a lawsuit.
The only active investigation into an electric-vehicle startup that remained open was into Faraday Future. In July 2025, the SEC sent Faraday Future and several of its executives Wells Notices – letters warning of probable regulatory action. No actions have been taken regarding these notices since, though Faraday’s regulatory filings indicate that the company has not yet responded to these notices.
Fisker filed for bankruptcy in June 2024 amid problems with its first electric vehicle, the Ocean SUV. The company, over the years, promised radical technologies but changed its strategy several times. It also faced financial difficulties on the eve of the collapse and used Chapter 11 bankruptcy to sell the remaining Ocean assets to the lessee and liquidate other assets.
Sean O’Kane – a reporter with more than a decade of experience in the fast-moving world of business and transportation technology, including Tesla and numerous startups seeking to repeat Elon Musk’s success. He previously worked at Bloomberg News, where he helped uncover stories about EV SPAC failures, covered consumer technologies, and did editorial photography. Contact information is not provided in this article.
