The ousted founder of bankrupt EV startup Lordstown Motors has launched a new company called LandX Motors, featuring the same electric pickup truck that was once promised to beat Tesla, Ford, and General Motors to market.
Key Takeaway
Steve Burns, the ousted founder of Lordstown Motors, has launched a new company called LandX Motors, which aims to develop a lineup of electric vehicles based on the platform associated with the Endurance truck.
LandX Motors: A Fresh Start
Steve Burns, the self-described “serial entrepreneur,” acquired most of the remaining assets of his former startup as part of Lordstown’s Chapter 11 bankruptcy proceedings. The new company, LandX Motors, aims to lead “the future of mobility” and plans to develop a lineup of vehicles based on the platform that was previously associated with the Endurance. While the trucks on the LandX Motors website resemble the Endurance, the focus seems to be on the underlying platform, software, and engineering.
Challenges and Uncertainties
Despite the emphasis on the underlying technology, it remains unclear how LandX Motors plans to address the challenges that plagued Lordstown Motors. The cost of building the Endurance was reported to far exceed its retail price, and there are no details regarding the manufacturing plans for the trucks. The company’s spokesperson declined to provide further information or address these concerns.
A Familiar Pattern
Steve Burns’ history of transitioning from one electric vehicle company to another is evident. After leaving a struggling EV startup, Workhorse, he founded Lordstown Motors in 2019 and eventually acquired the designs for the Endurance from Workhorse. The subsequent events, including a federal investigation, recalls, and bankruptcy, led to the sale of the factory to Foxconn. Burns, however, purchased the Lordstown assets and rehired most of the engineering team for his new venture, LandX Motors.
The new startup, LandX Motors, also reflects a reunion beyond the vehicle itself, with a significant number of former Lordstown Motors employees joining the new company. Burns expressed his continued belief in the vision of Lordstown Motors and his confidence in the team by reacquiring the assets and rehiring the engineering team.
