- The SEC sent Fisker multiple subpoenas
- The SEC has not said why it is looking into Fisker's bankruptcy
- Fisker said they will support their vehicles but the owners will pay the cost of having them returned
The US Securities and Exchange Commission (SEC) is it investigates the cash-strapped EV startup Fiskeraccording to a file seen by TechCrunch.
In the filing, the SEC said it submitted many requests to Fisker as part of the investigation and may send more. The filing does not discuss the cause of the investigation, but notes that it could result in “future actions alleging violations of federal securities laws.”
2023 Fisker Ocean One
This isn't the first sign that Fisker could be in trouble with the SEC. The automaker filed for Chapter 11 bankruptcy protection in June, and disclosed receiving a subpoena from the SEC in an August filing related to that bankruptcy, according to TechCrunch. At some point in August, Fisker also disclosed that the SEC had filed a bankruptcy filing with an “undetermined” amount of “claims.”
The SEC on Friday also filed an objection to the liquidation plan Fisker and creditors had agreed to, TechCrunch reported. The regulator argued that the terms of the agreement leave insufficient language protecting its ability to pursue the company or other entities in its investigation, and it does not specify how—if even—Fisker will keep its corporate records.
2023 Fisker Ocean One
Fisker had ambitious plans for a full line of EVs, but only managed to bring the Ocean SUV to market. Produced by Magna in Graz, Austria, production of the Ocean was slow, as were sales. After it filed for bankruptcy, Fisker became it went with 3,321 cars that it tried to load from a leasing company for $14,000 each. That's a steep discount from the original retail price of $38,999.
Fisker said it will continue to support existing vehicles with software updates, but owners will have to do it themselves pay for some repairs related to continuous recall. The Fisker Owners Association (FOA) has worked to identify stores where Ocean EVs can be serviced and repaired.