Investigation Closure Confirmed Through Records Request
The Securities and Exchange Commission closed its investigation into electric vehicle startup Fisker in September 2025, about a year after opening the probe, according to information obtained by TechCrunch. The status of the case became clear after the regulator responded to a Freedom of Information Act request in January, saying it had identified about 21.7 gigabytes of records related to the matter. The SEC said in a follow-up email that the investigation “was closed in September 2025.” The agency generally does not release records while investigations remain open.
What The SEC Had Previously Disclosed
The SEC first confirmed the existence of the investigation in an October 2024 filing in Fisker’s bankruptcy case. In that filing, the agency said it had issued subpoenas to the company and noted that it might need to request or subpoena additional documents as part of what it described at the time as an ongoing investigation. The agency has not explained how far the probe progressed before it was closed. An SEC spokesperson declined to comment, and Fisker founder and former chief executive Henrik Fisker did not respond to a request for comment.
Enforcement Trends Under The Current Administration
The end of the Fisker investigation comes during a period of reduced enforcement activity at the SEC. The regulator brought 313 enforcement actions in 2025, the lowest total in a decade and a drop of 27% from the final year of President Joe Biden’s term, according to an analysis by the law firm Paul, Weiss. Only four of those actions targeted public companies. Total monetary settlements also fell 45% compared with 2024.
Context Within The EV Sector
Fisker had been one of the last electric vehicle startups known to be under SEC investigation. In recent years, the agency has settled fraud or other charges involving companies such as Nikola, Lordstown Motors, Canoo, and Hyzon Motors. In 2023, the SEC closed an investigation into Lucid Motors without filing a lawsuit. The only publicly known active probe involving an EV startup is tied to Faraday Future, which has been under scrutiny for nearly four years. In July 2025, the SEC sent Faraday and several executives Wells notices, which signal that investigators are recommending enforcement action, though no case has been filed since then and the company’s filings show it has not yet responded to those notices.
Fisker’s Collapse And Bankruptcy
Fisker filed for bankruptcy in June 2024 after a series of problems tied to its first vehicle, the Ocean SUV. The company spent years promoting plans for new technologies and shifted direction several times. It also faced mounting financial strain before the filing. Through the Chapter 11 process, Fisker sold its remaining Ocean inventory to a company that leases vehicles to ride-hail drivers and moved to liquidate its other assets.
Featured image credits: Wikimedia Commons
For more stories like it, click the +Follow button at the top of this page to follow us.