The Securities and Exchange Commission (SEC) has officially ended its inquiry into the electric vehicle startup Fisker, which filed for bankruptcy in June 2024. This conclusion was reached approximately one year after the investigation was initiated, with the SEC confirming the closure in a response to a Freedom of Information Act (FOIA) request.
In January, the SEC's FOIA department disclosed that it had gathered around 21.7 gigabytes of electronically stored records pertaining to the investigation. Typically, the agency refrains from releasing records while investigations are ongoing, indicating that the inquiry was wrapped up in September 2025.
The extent of the investigation remains unclear. The SEC initially acknowledged the probe in an October 2024 filing related to Fisker's bankruptcy, mentioning that subpoenas had been issued and that further documents might be requested as part of its ongoing efforts.
A representative from the SEC declined to provide additional comments, and attempts to reach Fisker's founder, Henrik Fisker, for a statement were unsuccessful.
The closure of this investigation aligns with a broader trend of reduced enforcement actions during the latter part of President Trump's administration. In 2025, the SEC initiated 313 enforcement actions, marking the lowest number in a decade and reflecting a 27% decrease compared to the previous year.
Fisker was among the last electric vehicle startups still under SEC scrutiny. Over recent years, the agency has resolved various fraud allegations against other companies in the sector, including Nikola and Lordstown Motors. However, investigations into some firms, like Lucid Motors, have concluded without any legal repercussions.
Currently, the only ongoing investigation involving an electric vehicle startup pertains to Faraday Future, which has been under scrutiny for nearly four years. In July 2025, the SEC issued "Wells notices" to Faraday and its executives, indicating a potential enforcement action, yet no further developments have occurred since then.
Fisker's journey has been tumultuous, marked by ambitious claims regarding its first electric vehicle, the Ocean SUV. The company faced significant challenges leading up to its bankruptcy, ultimately utilizing the Chapter 11 process to liquidate its assets.