Fisker Inc., the bankrupt Southern California electric vehicle maker, has received a subpoena from the Securities and Exchange Commission (SEC), potentially signaling an investigation into the company’s practices. This development, reported by the 洛杉矶时报, adds another layer of complexity to Fisker’s ongoing financial and legal challenges.

The SEC Subpoena and Its Implications

The subpoena was revealed in a U.S. Bankruptcy Court filing in Delaware, where Fisker filed for Chapter 11 protection on June 18. While the specifics of the SEC’s demand remain confidential, the agency’s interest in Fisker’s records or testimony could indicate a broader investigation into the company’s activities.

Shaneeda Jaffer, a white-collar defense attorney, explained that while the subpoena could mean Fisker is under investigation, it’s also possible that the SEC is seeking information related to other probes. “Companies and individuals receive subpoenas from the SEC all the time,” Jaffer noted.

Fisker’s Financial Struggles and Shareholder Lawsuits

Fisker’s financial troubles have led to significant losses for shareholders as the company’s stock price plummeted. The EV maker now faces a shareholder class-action lawsuit and five shareholder derivative complaints. These legal actions stem from a series of events that began in August 2023 when Fisker announced plans to produce up to 23,000 Ocean SUVs that year. However, by November, the company had built only 4,725 vehicles and delivered just 1,097 to customers.

James Lucas, a Fisker shareholder who lost over $100,000, expressed frustration with the company’s leadership: “There were a lot of comments made by mostly Henrik Fisker that had these kind of broad visions about the number of vehicles that were going to be produced. Whether it was just a failure to execute, who knows.”

Production Challenges and Market Performance

Fisker’s ambitious production goals for its Ocean SUV, intended to compete with the 特斯拉 Model Y, fell short due to manufacturing difficulties and software glitches. The company’s stock, which reached an all-time high of $31.96 in March 2021, now trades for less than a penny.

Henrik Fisker, the company’s founder and CEO, made several optimistic public statements about Fisker’s prospects, even as the company’s fortunes declined. In March 2023, he boasted on CNBC that Fisker would make money on its first cars, projecting sales of 1 million vehicles by 2027. A year later, he maintained his optimism despite mounting challenges.

EVXL’s Take

The Fisker saga underscores the volatility and challenges in the electric vehicle market. While established players like 特斯拉 have found success, newer entrants face significant hurdles in production, delivery, and financial stability.

This situation highlights the importance of realistic goal-setting and transparent communication in the EV industry. As the market evolves, it’s crucial for investors and consumers to remain vigilant and for companies to prioritize sustainable growth over ambitious projections.

Photo courtesy of Fisker Inc.