SEC concludes investigation into Fisker

The investigation by the Securities and Exchange Commission into the defunct electric vehicle startup Fisker was concluded last September, about a year after its commencement. This information came to light through a response to a Freedom of Information Act (FOIA) request in January, with the SEC stating that it had identified around 21.7 gigabytes of records connected to the investigation. Typically, the SEC does not release records if investigations are ongoing, and it clarified that this investigation was closed in September 2025.

Details about the progress of the investigation have not been disclosed. The SEC disclosed the investigation’s existence in a filing during Fisker’s bankruptcy case in October 2024. At that time, the agency mentioned sending subpoenas to the company and the possibility of requiring additional documents in the future for the investigation.

When questioned about the matter, a spokesperson for the SEC declined to comment, while Henrik Fisker, the founder, and former CEO did not respond to inquiries for comment. The closure of the Fisker investigation took place at a time when enforcement actions and settlements saw a decline during the second term of President Trump. According to an analysis by law firm Paul, Weiss, the SEC initiated 313 enforcement actions in 2025, the lowest in ten years and down by 27% from President Biden’s final year. Monetary settlements also decreased by 45% from 2024, with only four enforcement actions targeted towards public companies.

Fisker was one of the few remaining electric vehicle startups under SEC investigation. Several others, including Nikola, Lordstown Motors, Canoo, and Hyzon Motors, have faced enforcement actions or settlements following fraud allegations. The investigation into Lucid Motors in 2023 concluded without a lawsuit being filed by the SEC.

The only known ongoing investigation involving an electric vehicle startup is concerning Faraday Future, which is reaching its fourth year. In July 2025, the SEC issued “Wells notices” to Faraday and several executives, indicating that enforcement actions are recommended by the investigators. However, as of now, no further action has been taken, and Faraday has yet to respond to the Wells notices according to their regulatory filings.