SEC Concludes Inquiry into Fisker amid Changing Electric Vehicle Regulatory Climate
Overview of the SEC’s Closure of Fisker Inquiry
The Securities and Exchange Commission (SEC) officially wrapped up its investigation into the bankrupt electric vehicle manufacturer Fisker in September 2025, nearly a year after the probe began.This development was uncovered through a Freedom of Facts Act (FOIA) request, which revealed that the SEC had collected roughly 21.7 gigabytes of electronic data related to Fisker during its inquiry.
Since the SEC typically keeps records confidential while investigations are active,this release strongly suggests that no further enforcement actions against Fisker are planned at this time. However, specific details about how far along the investigation progressed remain undisclosed.
Chronology and Extent of Regulatory Examination on Fisker
The SEC publicly confirmed it was investigating Fisker in October 2024 amid the company’s bankruptcy proceedings. At that point, subpoenas had been issued to obtain documents from Fisker, with indications that additional requests might follow as part of an ongoing review.
No official description has been provided by SEC officials regarding why or how they decided to close this case. Similarly, attempts to contact Henrik Fisker-the company’s founder and former CEO-for comment where unsuccessful.
Fisker’s Financial Struggles and Bankruptcy Proceedings
In June 2024, facing mounting operational challenges with its flagship Ocean SUV model, Fisker filed for Chapter 11 bankruptcy protection. The startup’s journey was characterized by bold claims about innovative technologies which were frequently revised or abandoned over time due to technical setbacks.
The company’s financial instability culminated in liquidation efforts during bankruptcy; remaining Ocean SUVs were sold off primarily to firms specializing in leasing vehicles for ride-hailing services-similar to fleets operated by companies providing cars for drivers in cities like Los Angeles or Chicago rather than New York City as previously noted.
A Decline in SEC Enforcement Actions over Recent Years
This closure coincides with a broader reduction in enforcement activity by the SEC during President Trump’s second term. In 2025 alone, onyl 313 enforcement actions were initiated-the lowest annual total recorded over a decade-and representing nearly a 27% drop compared with President Biden’s final year in office.
- Investigations Targeting Public Companies: Only four enforcement actions involved publicly traded corporations throughout that period.
- Total Monetary settlements: Settlements decreased sharply by approximately 45% relative to figures reported for 2024.
The Effect on Electric Vehicle startups Under Regulatory Review
This trend has influenced several electric vehicle startups previously scrutinized by regulators over recent years:
- Nikola reached settlements addressing allegations related to misleading investors;
- Lordstown Motors faced charges concerning inaccurate financial disclosures;
- Canoo agreed on resolutions tied to investor interaction issues;
- Hyzon Motors settled claims involving deceptive business practices;
- An earlier probe into Lucid Motors concluded without any formal lawsuits or penalties imposed as recently as mid-2023.
The Sole Remaining Active EV Startup Investigation: Faraday Future
The only known ongoing regulatory inquiry within this sector involves Faraday Future-a case now approaching four years since it began. In July 2025, regulators issued “Wells notices” indicating potential enforcement actions against both Faraday Future itself and several executives; however no formal charges have yet been filed nor has Faraday responded publicly according to their regulatory disclosures.
Evolving Oversight Reflects Industry Uncertainty and Innovation Challenges
“The shifting intensity of regulatory scrutiny reflects wider uncertainties confronting emerging EV manufacturers balancing rapid technological innovation alongside financial sustainability,” industry analysts note based on Q1-Q2 2026 market data showing increased volatility among startups attempting large-scale production worldwide.”
A Contemporary case Study: Rivian’s Operational Hurdles Versus Regulatory Impact
A relevant example is Rivian Automotive inc.,which despite successfully going public encountered significant production delays affecting stock performance but so far avoided major regulatory investigations-demonstrating how operational difficulties do not always lead directly to legal action but can substantially influence investor confidence nonetheless.
