Steve Burns: The Man Who Bought His Own Company Back

Steve Burns is one of the most controversial and persistent figures in the EV startup world. Founder of both Workhorse Group and Lordstown Motors, he bet everything on "hub motor" technology. After resigning amidst scandal and watching Lordstown go bankrupt, he stunned the industry by buying the company's assets back to try again.

The Hub Motor Believer

While Elon Musk focused on batteries and RJ Scaringe on lifestyle, Steve Burns staked his career on a specific, controversial technology: in-wheel hub motors. As the founder of Lordstown Motors, he argued that putting motors directly inside the wheels—eliminating axles, transmissions, and differentials—was the holy grail of efficiency for work trucks. This vision gave birth to the Lordstown Endurance, an electric pickup designed for fleet use.

From Workhorse to Lordstown

Burns wasn't new to the game. He previously founded AMP Electric Vehicles, which morphed into the Workhorse Group. At Workhorse, he pioneered electric delivery vans and even drone-launching trucks for companies like UPS. In 2019, he struck a deal with General Motors to buy their shuttered Lordstown Assembly plant in Ohio, a massive facility that became the headquarters for his new venture.

The Hindenburg Crash

Lordstown Motors went public via a SPAC merger and saw its valuation soar. However, in 2021, short-seller Hindenburg Research released a report accusing Burns of misleading investors about pre-order numbers. The fallout was swift. Burns resigned as CEO, and the company eventually filed for bankruptcy in 2023.

The Ultimate plot Twist

In a move that scriptwriters would reject for being too unrealistic, Burns didn't disappear. In late 2023, his new private investment firm, LAS Capital, purchased the remaining assets of the bankrupt Lordstown Motors for $10 million. Having sold his stock near the peak for millions, he essentially bought his own creation back for pennies on the dollar, proving that while his methods are debated, his persistence is undeniable.

Frequently Asked Questions

Who is Steve Burns and what is his legacy in the electric vehicle industry?

<p><strong>Steve Burns</strong> is a prominent American entrepreneur and automotive executive, best known as the founder and former CEO of <strong>Lordstown Motors</strong> and <strong>Workhorse Group</strong>. A specialist in fleet electrification, Burns became a central figure in the US electric truck movement when he acquired a shuttered General Motors plant in Ohio to build the <strong>Lordstown Endurance</strong>. His legacy is defined by his ambitious vision for in-wheel hub motor technology and his efforts to revitalize the "Voltage Valley" in the American Midwest.</p>

What was Steve Burns’ role in the founding of Lordstown Motors?

<p>Steve Burns founded <strong>Lordstown Motors Corporation</strong> in 2019 with the goal of producing the world’s first all-electric commercial pickup truck. He famously negotiated the purchase of the former <strong>GM Lordstown Assembly</strong> plant for $20 million, a move that gained national attention. Under his leadership, the company went public via a <abbr title="Special Purpose Acquisition Company">SPAC</abbr> merger in 2020, reaching a multi-billion dollar valuation and promising to bring thousands of jobs back to Northeast Ohio.</p>

What is the Lordstown Endurance and its unique hub motor technology?

<p>The <strong>Lordstown Endurance</strong> is an all-electric full-size pickup truck designed specifically for the commercial fleet market. Unlike most <abbr title="Electric Vehicles">EVs</abbr> that use central motors and drive shafts, the Endurance features four <strong>in-wheel hub motors</strong> developed in partnership with Elaphe. This design reduces the number of moving parts, lowers the vehicle’s center of gravity, and provides true four-wheel drive with independent torque control at each wheel.</p>

How did Steve Burns’ time at Workhorse Group influence Lordstown?

<p>Before Lordstown, Steve Burns was the co-founder and CEO of <strong>Workhorse Group</strong> (originally AMP Electric Vehicles). While at Workhorse, he oversaw the development of the <strong>W-15 electric pickup</strong> and the SureFly personal helicopter. When he left to start Lordstown, he licensed the W-15 intellectual property from Workhorse to serve as the engineering foundation for the Endurance, effectively bridging the gap between early <abbr title="Electric Vehicle">EV</abbr> research and large-scale manufacturing efforts.</p>

Why did Steve Burns resign from Lordstown Motors in 2021?

<p>Steve Burns resigned from Lordstown Motors in June 2021 following a period of intense scrutiny regarding the company’s production readiness and the validity of its <strong>pre-order numbers</strong>. An internal investigation confirmed that some statements regarding non-binding pre-orders were inaccurate. His departure coincided with the company’s transition to a more traditional manufacturing leadership style as it struggled to bring the <strong>Endurance</strong> to market amidst the global supply chain crisis.</p>

What is LAS Capital and how is Steve Burns still involved with Lordstown assets?

<p>In late 2023, following Lordstown Motors’ bankruptcy, Steve Burns made a surprise return to the assets he founded. Through his new entity, <strong>LAS Capital</strong>, Burns purchased the design and production assets related to the <strong>Endurance</strong> truck for approximately $10 million. In 2026, he remains committed to the commercial fleet sector, operating under the <strong>LandX</strong> brand to further develop electric light-duty vehicle technologies for the US market.</p>

What was the significance of the "Voltage Valley" vision?

<p>Burns was the primary advocate for the <strong>"Voltage Valley"</strong> concept, envisioning Northeast Ohio as the epicenter of the US electric vehicle industry. By establishing Lordstown Motors and attracting battery ventures like <strong>Ultium Cells</strong> (a GM-LG Chem joint venture) to the area, he helped spark a regional industrial rebirth. This vision significantly influenced US federal and state level <strong>green energy</strong> policies aimed at revitalizing the Rust Belt through advanced automotive manufacturing.</p>

How did Steve Burns utilize SPAC mergers to fund EV startups?

<p>Steve Burns was a pioneer in using the <strong><abbr title="Special Purpose Acquisition Company">SPAC</abbr></strong> (Special Purpose Acquisition Company) route to take Lordstown Motors public. By merging with DiamondPeak Holdings in 2020, the company raised roughly <strong>$675 million</strong> in cash. This funding model became a standard for the "EV Gold Rush" in the USA, allowing startups to bypass traditional <abbr title="Initial Public Offering">IPO</abbr> hurdles and quickly gain the capital needed for heavy industrial scaling.</p>

What are the performance specs of the Lordstown Endurance?

<p>The Lordstown Endurance, engineered under Burns’ tenure, was designed with a focus on <strong>Total Cost of Ownership (TCO)</strong> for fleet owners. Key specifications included:</p><ul><li><strong>Power:</strong> 440 horsepower from four independent hub motors.</li><li><strong>Towing Capacity:</strong> 7,500 lbs to meet commercial work requirements.</li><li><strong>Range:</strong> Targeted at 200+ miles per charge.</li><li><strong>Safety:</strong> A low center of gravity and perimeter weighting for superior stability on job sites.</li></ul>

How is Steve Burns viewed in the 2026 automotive world?

<p>In 2026, Steve Burns is viewed as a controversial yet visionary <strong>industrial disruptor</strong>. While his leadership faced challenges during the public market era, his role in transitioning the Midwest toward <strong>electrification</strong> is undeniable. He is honored by the "Voltage Valley" community for his role in ensuring the Lordstown plant remained an active hub for automotive innovation rather than becoming a relic of the internal combustion past.</p>