SEC Probes Fisker Bankruptcy Amidst Claims and Objections, While the EV Maker Struggles With Ocean SUV Sales

The U.S. SEC is probing into the insolvency of electric vehicle newcomer Fisker, as revealed by a document noticed by TechCrunch the previous week.

According to the documents submitted, the U.S. Securities and Exchange Commission has issued numerous subpoenas to Fisker in connection with their ongoing probe and indicates the possibility of issuing additional ones. The specifics behind the inquiry were not disclosed in the documents; however, it was mentioned that the investigation could potentially lead to forthcoming claims of breaches in federal securities legislation.

The inaugural edition of the Fisker Ocean,

There have been previous signs of potential issues for Fisker with the Securities and Exchange Commission. The car producer sought protection from bankruptcy under Chapter 11 in June, and later revealed in an August document tied to the bankruptcy that they had been issued a subpoena by the SEC, as reported by TechCrunch. Furthermore, in a separate document from August, Fisker announced that the SEC had put forth a claim in their bankruptcy proceedings for an unspecified sum pertaining to "litigation."

On Friday, the U.S. Securities and Exchange Commission raised concerns about Fisker's proposed settlement plan with its creditors, as per TechCrunch. The SEC contends that the current plan's wording does not adequately ensure the agency's right to continue its probe into the company or other involved entities, nor does it clarify the methods Fisker will use to maintain its company documents.

2023 Model of the Fisker Ocean One

Fisker aimed to launch an extensive range of electric vehicles, yet succeeded in releasing just the Ocean SUV. The production of the Ocean, carried out by Magna in Graz, Austria, experienced a sluggish start, mirrored by its sales figures. Upon declaring bankruptcy, Fisker found itself with an excess of 3,321 cars, which it attempted to sell to a leasing firm at the reduced rate of $14,000 per vehicle, a significant drop from the initial starting price of $38,999.

Fisker has committed to providing ongoing software updates for current models, though some repair costs linked to recalls may fall on the vehicle owners. The Fisker Owners Association (FOA) has taken steps to locate repair facilities that are equipped to service and repair Ocean electric vehicles.

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