The past week has not been kind to the electric vehicle industry. Well, that concludes with the news that EV startup Fisker is the subject of an investigation by the U.S. Securities and Exchange Commission (SEC).
TechCrunch reported that SEC officials have sent Fisker several subpoenas. The filing does not specifically state what the subpoena seeks or what it is investigating, but it is likely that the ailing EV manufacturer, which filed for Chapter 11 bankruptcy protection in June, It is clear that the SEC has launched an investigation.
Fisker has been in trouble since last year’s disastrous rollout of its Ocean SUV, which failed to sell more than a few thousand units despite producing well over 10,000 units. I’m struggling. After reporting a 35% drop in gross profit margin in last year’s fourth-quarter earnings report, the automaker announced it would lay off 15% of its workforce next March as it transitions to a direct-to-consumer strategy.
A Fisker spokesperson declined to comment on the matter to TechCrunch, saying, “We cannot comment on whether there is an investigation.”
Fisker isn’t the only EV maker to experience a notable setback. Tesla suffered a major setback with its fifth recall for the beleaguered Cybertruck.
