The SEC closed its investigation into Fisker

The Securities and Exchange Commission wrapped up its investigation into bankrupt electric vehicle startup Fisker in September 2025, about a year after the probe first began.

We learned the inquiry had ended after the financial regulator responded to a Freedom of Information Act (FOIA) request in January. In that response, the SEC’s FOIA office said it had located “approximately 21.7 gigabytes of electronically maintained records” connected to the Fisker investigation. The agency generally does not release or confirm records in that manner. At the same time, an investigation is ongoing, and a follow-up email clarified that the matter “was closed in September 2025.”

How far the investigation advanced remains unclear. The SEC first disclosed the existence of the probe through a filing in Fisker’s bankruptcy case in October 2024. In that document, the regulator said it had issued subpoenas to the company and noted that it could “request or subpoena additional documents in the future relating to its ongoing investigation.”

A spokesperson for the SEC declined to comment. Founder and former CEO Henrik Fisker also did not respond to a request for comment.

The decision to close the Fisker investigation arrives during a broader slowdown in enforcement activity and settlement totals during President Trump’s second term. The SEC brought 313 enforcement actions in 2025 — the lowest number in a decade and 27% lower than the final year of President Biden’s term — according to an analysis by the law firm Paul, Weiss. Just four of those actions targeted public companies. Overall monetary settlements also fell sharply, down 45% from 2024.

Fisker had been one of the last EV startups known to be under SEC scrutiny. Over the past several years, the agency has reached settlements or resolved cases involving fraud or other allegations against companies such as Nikola, Lordstown Motors, Canoo, Hyzon Motors, and others. In 2023, the SEC also closed an investigation into Lucid Motors without filing a lawsuit.

The only publicly known active SEC investigation involving an EV startup is the one tied to Faraday Future, which has been open for nearly four years. In July 2025, the SEC issued “Wells notices” to Faraday and several executives — letters indicating that investigators are recommending an enforcement action. Since those notices were sent, no action has been publicly taken, and Faraday’s own filings suggest the company has not yet responded to the Wells notices.

Fisker filed for bankruptcy in June 2024 after a series of issues tied to its first EV, the Ocean SUV. The company spent years making ambitious claims about breakthrough technologies, but shifted direction multiple times. It also faced mounting financial difficulties leading up to its collapse. Through the Chapter 11 process, Fisker sold off the remaining Ocean inventory to a company that leases vehicles to ride-hail drivers, while liquidating other assets.