Core Insights - The SEC closed its investigation into Fisker in September 2025, approximately one year after it was initiated [1][2] - The investigation revealed around 21.7 gigabytes of electronically maintained records, but the extent of the investigation's progress remains unclear [2] - Fisker was one of the last electric vehicle startups under SEC investigation, with other companies like Nikola and Lucid Motors having settled their cases [3][4] SEC Enforcement Actions - The closure of the Fisker investigation coincides with a notable decline in SEC enforcement actions, with only 313 actions initiated in 2025, marking a 27% decrease from the previous year [3] - Total monetary settlements fell by 45% from 2024, indicating a broader trend of reduced enforcement during President Trump's second term [3] Company Background - Fisker filed for bankruptcy in June 2024, facing significant challenges with its first electric vehicle, the Ocean SUV, and financial difficulties leading up to its collapse [9] - The company utilized Chapter 11 bankruptcy to liquidate its assets and sell its remaining inventory of Oceans [9] Remaining Investigations - Currently, the only active SEC investigation into an electric vehicle startup is related to Faraday Future, which has been ongoing for nearly four years [5] - In July 2025, the SEC issued Wells notices to Faraday and its executives, indicating a recommendation for enforcement action, but no further action has been taken since [5]

Core Insights - Fisker, once a promising electric vehicle company, faced a rapid decline from the launch of its Ocean SUV in 2023 to filing for bankruptcy in 2024, culminating in liquidation by 2025, highlighting the harsh realities behind the rapid growth of the electric vehicle industry [1][14] Group 1: 2023 - Initial Hopes and Cracks - In 2023, Fisker launched the Ocean SUV, aiming to disrupt the traditional SUV market, but soon revealed production shortfalls, producing only 1,022 units in Q2 against a target of 1,400-1,700 units [3] - The company raised $296.7 million through a convertible bond sale to support future growth, including new battery production lines and capital expenditures, indicating early signs of financial distress [3] - By December 2023, Fisker cut its annual production target to 10,000 units, a quarter of the previous year's optimistic expectations, due to supply chain issues and product quality concerns [4] Group 2: 2024 - Crisis Escalation - 2024 marked a disastrous year for Fisker, with safety issues and financial troubles leading to a downward spiral towards bankruptcy [5] - The National Highway Traffic Safety Administration (NHTSA) initiated multiple investigations into safety complaints, including brake failures and sudden power loss, eroding consumer trust [6] - By March 2024, Fisker announced a 15% workforce reduction and acknowledged insufficient cash to sustain operations for the next 12 months, leading to a shift from a direct sales model to a dealership model [7] Group 3: Bankruptcy and Liquidation - In April 2024, Fisker warned of impending bankruptcy if financing was not secured within 30 days, and by June, the company officially filed for Chapter 11 bankruptcy protection, reporting assets of $500 million to $1 billion against liabilities of $100 million to $500 million [8] - The bankruptcy court approved the sale of 3,231 Ocean SUVs for $46.25 million, significantly below their original price, reflecting the company's desperate situation [12] - By October 2025, the liquidation process revealed further complications, including SEC investigations and allegations of mismanagement, culminating in the abandonment of Fisker's headquarters [13][14] Group 4: Lessons for the Industry - Fisker's downfall illustrates the dangers of prioritizing design and capital stories over operational stability and safety, emphasizing the need for robust supply chain management and financial health in the electric vehicle sector [13][14] - The case serves as a cautionary tale for the electric vehicle industry, highlighting that without solid foundations, even the most ambitious visions can quickly turn into failures [14]