The SEC closed its investigation into Fisker

The Securities and Exchange Commission has officially closed its investigation into Fisker, the now-bankrupt electric vehicle startup that once promised to revolutionize the auto industry. The probe, which began roughly a year earlier, was quietly shuttered in September 2025, according to documents obtained through a Freedom of Information Act (FOIA) request.

The FOIA response revealed that the SEC had compiled approximately 21.7 gigabytes of electronic records during its investigation. The agency typically refrains from releasing records tied to open investigations, and a follow-up email confirmed the case was closed last September.

It remains unclear how far the SEC’s inquiry progressed. The regulator first disclosed the investigation in an October 2024 filing related to Fisker’s bankruptcy proceedings, noting it had issued subpoenas and might seek additional documents in the future.

The closure of the Fisker probe comes amid a broader slowdown in SEC enforcement activity during President Trump’s second term. In 2025, the agency initiated just 313 enforcement actions—the lowest in a decade and a 27% drop from the final year of the Biden administration. Only four of those actions targeted public companies, and total monetary settlements fell 45% compared to 2024.

Fisker was among the last EV startups under SEC scrutiny. Over the past few years, the agency has settled charges against several other high-profile electric vehicle companies, including Nikola, Lordstown Motors, Canoo, and Hyzon Motors. In 2023, the SEC closed an investigation into Lucid Motors without filing any charges.

The only remaining active probe into an EV startup appears to be the long-running case against Faraday Future, now nearly four years old. In July 2025, the SEC sent Faraday and several executives “Wells notices,” signaling potential enforcement action. However, no further steps have been taken, and Faraday’s regulatory filings suggest it has yet to respond to the notices.

Fisker’s downfall was swift and dramatic. The company filed for Chapter 11 bankruptcy in June 2024 after years of overpromising and underdelivering on its flagship Ocean SUV. Despite bold claims about groundbreaking technology, Fisker repeatedly pivoted away from its original vision. Financial troubles mounted in the months leading to its collapse, forcing the company to sell its remaining Ocean inventory to a ride-hailing vehicle leasing firm and liquidate other assets.

While the SEC’s investigation has ended without public charges, Fisker’s story remains a cautionary tale about the perils of hype-driven startups in the competitive and capital-intensive electric vehicle market.

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Viral Sentences:

• Fisker’s electric dreams turned into a regulatory nightmare.
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