Lordstown Motors Founder Cashed In Before Electric Truck Stalled
Steve Burns sold $59 million worth of stock before the electric-truck maker hit a wall with its debut pickup.
Donald Trump and Steve Burns, the founder of Lordstown Motors, in front of an Endurance pickup at the White House in September 2020.
Photographer: Tasos Katopodis/Getty Images North AmericaLordstown Motors began the year with a big setback: An electrical issue was leading its debut model, the Endurance pickup, to lose propulsion while driving, forcing the company to stop production and deliveries. The manufacturer recalled 19 trucks that were with customers or in internal use.
Its woes got worse this week. Chief Executive Officer Ed Hightower warned that while Lordstown Motors has a “clear line of sight” to fixing quality issues and resuming production, ramping up will require finding a larger automaker that’s willing to partner up and help with purchasing and sales. The Endurance simply doesn’t pencil out and is costing the company more to build than it can charge.