SEC Closes Fisker Investigation as EV Startup Enforcement Actions Decline
The Securities and Exchange Commission (SEC) closed its investigation into Fisker, the bankrupt electric vehicle startup, last September, according to a Freedom of Information Act (FOIA) request response obtained by TechCrunch. The probe, initiated roughly a year prior, centered on potential violations of federal securities laws.
The SEC’s FOIA department indicated it had amassed approximately 21.7 gigabytes of electronically stored records related to the investigation. Agency policy generally restricts access to records even as an investigation is ongoing, and the SEC confirmed the closure in a follow-up communication, stating it occurred in September 2025. The extent of the investigation’s progress remains unclear.
The SEC first disclosed the investigation in an October 2024 filing related to Fisker’s bankruptcy proceedings, revealing that subpoenas had been issued to the company and further document requests were possible. A spokesperson for the SEC declined to provide additional comment. Henrik Fisker, the company’s founder and former CEO, did not respond to requests for comment.
The closure of the Fisker investigation coincides with a broader trend of decreased SEC enforcement actions during President Trump’s second term. According to an analysis by the law firm Paul, Weiss, the agency initiated 313 enforcement actions in 2025 – the lowest number in a decade and a 27% decrease from the final year of the prior administration. Monetary settlements also fell significantly, dropping 45% from 2024. Only four enforcement actions targeted public companies.
Fisker’s case is part of a series of SEC investigations into electric vehicle startups. In recent years, the agency has settled charges against Nikola, Lordstown Motors, Canoo, and Hyzon Motors, among others. In 2023, the SEC closed its investigation into Lucid Motors without filing a lawsuit.
Currently, the only known active SEC investigation involving an electric vehicle startup concerns Faraday Future. The SEC issued “Wells notices” – preliminary notifications of potential enforcement actions – to Faraday Future and several of its executives in July 2025. As of today, no formal action has been taken, and Faraday Future’s regulatory filings indicate it has not yet responded to the notices.
Fisker filed for bankruptcy in June 2024, following difficulties with its Ocean SUV and a history of shifting technological strategies. The company subsequently sold its remaining inventory to a vehicle leasing firm specializing in ride-hail services and began liquidating its assets.