The founder of the now-bankrupt electric vehicle (EV) startup Lordstown Motors, Steve Burns, has resurfaced with a new venture named LandX Motors. Following the Chapter 11 bankruptcy proceedings of Lordstown Motors, Burns acquired a significant portion of the company's assets, including its electric pickup trucks. On the LandX Motors website, Burns positions the company as a pioneer in shaping "the future of mobility" and asserts his intent to build a comprehensive lineup of vehicles using the platform that once supported the Endurance, Lordstown's touted electric pickup.
Although LandX Motors doesn't explicitly refer to its trucks as the Endurance, the company's promotional materials prominently feature electric vehicles bearing the recognizable Lordstown badge. A source familiar with the company's plans suggests that the focus lies not only on the Endurance truck but on the underlying platform, software, and engineering. However, the extent of development and execution of this plan remains unclear.
Several uncertainties surround LandX Motors' aspirations, as critical details are absent from the company's website. It is not specified how Burns intends to address the challenges that led to Lordstown Motors' downfall. Notably, the cost of producing the Endurance was reported to exceed its $60,000 retail price, and details about the manufacturing locations for LandX Motors' trucks are notably absent. In response to inquiries, a LandX Motors spokesperson declined to provide additional information.
Steve Burns' journey in the electric vehicle industry is marked by previous endeavors, notably founding Lordstown Motors in 2019 after departing from the struggling EV startup, Workhorse. His strategic deal with Workhorse involved licensing designs for a pickup truck project that ultimately became the Endurance. Under Burns' leadership, Lordstown Motors purchased a shuttered GM factory in Lordstown, Ohio, and went public through a merger with a special purpose acquisition company in 2020.
However, by early 2021, Lordstown Motors faced federal investigation for misleading investors during the merger process regarding the number of orders secured for the Endurance. Burns and then-chief financial officer Julio Rodriguez resigned following an internal probe confirming misleading statements. The startup encountered financial challenges, sold its factory to Foxconn, faced product recalls, and filed for bankruptcy protection in June 2023.
Despite the complexities of Lordstown Motors' history, Burns made a strategic move late last year, purchasing Lordstown's assets for approximately $10 million through a holding company called LAS Capital. This move was accompanied by the launch of LandX Motors, which also sees a reunion of former Lordstown Motors employees within its ranks.
Steve Burns remains optimistic about his vision, expressing confidence in what was built at Lordstown and emphasizing his belief in the potential of the engineering team. As LandX Motors embarks on its journey in the competitive electric vehicle market, industry observers await further developments to see if Burns can turn his vision into a successful reality.
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