SEC Quietly Closes Fisker Probe as EV Enforcement Slows
Investigation into bankrupt startup ended in September 2025, amid a broader drop in SEC actions.
The U.S. Securities and Exchange Commission closed its investigation into bankrupt EV startup Fisker in September 2025.
The probe had been open for roughly a year.
TechCrunch learned of the closure through a Freedom of Information Act (FOIA) response in January.
- Investigation opened: 2024
- Closed: September 2025
- Revealed via FOIA response
The SEC’s FOIA office identified 21.7 gigabytes of electronic records tied to the investigation.
The agency typically withholds such records while probes remain active.
In a follow-up email, the SEC confirmed the case “was closed in September 2025.”
Scope of the Probe Remains Unclear
It is unclear how far the investigation advanced.
The SEC first disclosed the probe in an October 2024 bankruptcy filing related to Fisker.
At the time, the agency said it had issued subpoenas and could seek additional documents.
- Subpoenas issued in 2024
- Potential for further document requests
- No public findings disclosed
An SEC spokesperson declined to comment.
Founder and former CEO Henrik Fisker did not respond to requests for comment.
Enforcement Activity Hits Decade Low
The closure comes during a broader slowdown in SEC enforcement.
In 2025, the agency initiated 313 enforcement actions — the lowest number in a decade.
That figure marks a 27% drop from the final year of President Biden’s term, according to analysis by law firm Paul, Weiss.
Only four enforcement actions targeted public companies.
Total monetary settlements fell 45% from 2024.
- 313 actions in 2025
- Down 27% year over year
- Settlements down 45%
Is the agency recalibrating its priorities?
EV Sector Scrutiny Wanes
Fisker had been one of the last EV startups under active SEC investigation.
In recent years, the agency settled fraud or other charges with Nikola, Lordstown Motors, Canoo, and Hyzon Motors.
In 2023, it closed an investigation into Lucid Motors without filing a lawsuit.
The only known active probe now involves Faraday Future.
In July 2025, the SEC sent Faraday and several executives Wells notices, signaling a recommended enforcement action.
No action has followed, and regulatory filings indicate Faraday has not yet responded.
- Faraday Future probe ongoing
- Wells notices issued July 2025
- No enforcement action announced
Fisker’s Collapse
Fisker filed for Chapter 11 bankruptcy in June 2024.
The collapse followed mounting issues with its first vehicle, the Ocean SUV, and repeated pivots on promised technologies.
Financial strain intensified in the months before bankruptcy.
Through Chapter 11, Fisker sold remaining Ocean inventory to a company leasing vehicles to ride-hail drivers and liquidated other assets.
The SEC’s decision to close the investigation ends one chapter of scrutiny — but leaves open questions about accountability in the EV startup boom.
TL;DR: The SEC closed its investigation into bankrupt EV startup Fisker in September 2025, about a year after launching the probe. The closure comes as enforcement actions hit a decade low, with total cases and settlements declining sharply. Faraday Future remains the only known EV startup under active investigation.
AI summary:
- SEC closed Fisker probe in Sept 2025
- 21.7GB of records identified via FOIA
- 313 enforcement actions in 2025 (10-year low)
- Settlements down 45% from 2024
- Faraday Future probe still active
