SEC Concludes Investigation into Fisker Amidst Broader EV Industry Scrutiny
In September 2025, the Securities and Exchange Commission (SEC) concluded its investigation into Fisker, the bankrupt electric vehicle (EV) startup, approximately a year after initiating the probe. This development was revealed through a Freedom of Information Act (FOIA) request submitted by TechCrunch in January 2026. The SEC’s FOIA department disclosed the existence of approximately 21.7 gigabytes of electronically maintained records related to the investigation, indicating the probe’s closure in September 2025.
The specifics regarding the depth and findings of the SEC’s investigation into Fisker remain unclear. The agency had previously acknowledged the probe in an October 2024 filing during Fisker’s bankruptcy proceedings, noting that subpoenas had been issued and that further document requests might be necessary as the investigation progressed. Despite these actions, the SEC has not provided detailed information about the investigation’s scope or conclusions. Both the SEC and Henrik Fisker, the company’s founder and former CEO, have declined to comment on the matter.
The closure of Fisker’s investigation occurs against a backdrop of a notable decline in SEC enforcement actions and settlements during President Trump’s second term. In 2025, the SEC initiated 313 enforcement actions, marking the lowest number in a decade and a 27% decrease from the final year of President Biden’s term. Notably, only four of these actions targeted public companies, and total monetary settlements fell by 45% compared to 2024.
Fisker was among the last EV startups under SEC investigation. In recent years, the agency has settled fraud or other charges with companies such as Nikola, Lordstown Motors, Canoo, and Hyzon Motors. In 2023, the SEC concluded an investigation into Lucid Motors without pursuing a lawsuit. Currently, the only known active SEC investigation into an EV startup involves Faraday Future. In July 2025, the SEC issued Wells notices to Faraday and multiple executives, indicating a recommendation for enforcement action. However, no further action has been taken since, and Faraday’s regulatory filings suggest that the company has yet to respond to these notices.
