SEC Closes Investigation into Bankrupt EV Startup Fisker After One-Year Probe

The Securities and Exchange Commission has officially terminated its investigation into bankrupt electric vehicle startup Fisker, closing the probe in September 2025, approximately one year after it was initiated. The closure was confirmed through a Freedom of Information Act (FOIA) request response received in January.

The SEC's FOIA department disclosed that it had identified approximately 21.7 gigabytes of electronically maintained records related to the investigation. According to agency protocol, records are typically not released while investigations remain active, confirming the probe's conclusion.

The investigation's scope and findings remain unclear. The SEC initially disclosed the probe's existence in an October 2024 filing within Fisker's bankruptcy proceedings, stating that subpoenas had been issued to the company with potential for additional document requests. Both the SEC and founder Henrik Fisker declined to provide comments on the matter.

Declining Enforcement Trends

The closure of the Fisker investigation coincides with a significant reduction in SEC enforcement activity during President Trump's second term. According to an analysis by law firm Paul, Weiss, the SEC initiated 313 enforcement actions in 2025 — representing a decade-low figure and a 27% decrease from the final year of President Biden's administration.

Key enforcement statistics include:

EV Startup Investigation Landscape

Fisker represented one of the final remaining electric vehicle startups under SEC scrutiny. Over recent years, the agency has resolved fraud and related charges against multiple EV companies, including:

In 2023, the SEC closed an investigation into Lucid Motors without pursuing legal action. Currently, Faraday Future remains the only known EV startup under active SEC investigation, with the probe now approaching its fourth year. In July 2025, the SEC issued Wells notices to Faraday and several executives, signaling potential enforcement action, though no formal measures have been implemented since.

Fisker's Bankruptcy and Asset Liquidation

Fisker filed for Chapter 11 bankruptcy protection in June 2024 following numerous operational challenges with its flagship Ocean SUV. The company's trajectory was marked by ambitious technological commitments that underwent multiple strategic pivots, coupled with severe financial difficulties preceding its collapse.

Through the bankruptcy process, Fisker liquidated its remaining Ocean SUV inventory to a ride-hail vehicle leasing company and disposed of other corporate assets. The company's downfall exemplified the challenges facing capital-intensive EV startups in delivering on technical promises while maintaining financial sustainability.