LORDSTOWN — Shares of Lordstown Motors Corp. stock slid Monday after the electric-vehicle startup announced it still has loose ends to tie up on a partnership agreement with Taiwan’s Foxconn and it needs to raise $250 million to launch its first vehicle later this year.

Underwhelming commercial production and sales numbers — projected to be 3,000 Endurance trucks through 2023 — and continued financial losses also contributed to the fallen stock price, which closed trading down 20 percent at $2.57 per share.

It was November when Foxconn and Lordstown Motors announced they had an agreement for the Taiwanese electronics and tech giant to buy Lordstown Motors’ factory for $230 million. With that, Foxconn agreed to a $50 million equity investment, that in a show of good faith, Foxconn made shortly after the principle agreement was made public in September.

The sides also agreed to pursue a contract manufacturing agreement for the Endurance and a joint venture agreement to co-design and develop vehicle programs based on Foxconn’s mobility in harmony (MIH) platform.

The contract manufacturing agreement is a condition of the factory sale being finalized while the development agreement is vital to raise the millions more needed to launch the Endurance sometime in the third quarter of this year, company officials said Monday when they released the fourth quarter and year-end 2021 financial results.

“While our conversations with Foxconn have been constructive and are ongoing, at this stage no definitive product development agreement and funding arrangement have been reached,” said CEO Daniel Ninivaggi. “We, and I believe Foxconn, understand that reaching a conclusion as soon as possible on this element of the transaction is important to the overall success of our partnership.”

The development agreement and right funding structure would “greatly enhance our ability to raise the additional capital necessary to not only fund new vehicles, but to bring the Endurance into production in Q3. Clearly, we and Foxconn have more work to do.”

The $250 million would include financing for hard tooling to produce the truck.

“Quite frankly, I am disappointed we are not further along,” Ninivaggi said. “The relationship with Foxconn is very positive and the discussions are ongoing, but we need to bring that to a conclusion, and I’m hopeful that we will get there.”

The contract manufacturing agreement must be signed before closing, which is targeted for April 30. A draft has been presented to Foxconn.

Also Monday, the company announced it expects commercial production and sales of the truck to be about 500 this year and as much as 2,500 in 2023.

Preproduction vehicle assembly is underway, said Ed Hightower, president. Lordstown Motors has completed 27 of the 64 vehicles that will be used for road testing, high mileage durability and software validation and crash performance. It’s expected to have the full run done by early April.

Other aspects of the preproduction program are vehicles for Environmental Protection Agency test and meeting U.S. motor vehicle safety standards. Those vehicles, Hightower said, should be complete by late April with the goal of certification by August.

Demonstration vehicle projection is expected to be done by the middle of June.

“Our organization’s top priority remains bringing the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible,” said Hightower. “In the fourth quarter and into 2022, we continued to build and test pre-production vehicles that we are using to complete a variety of validation activities needed to achieve full homologation. Despite ongoing challenges securing parts and other supply chain issues, we continue to target commercial production and sales in the third quarter of 2022.”

The company ended the quarter with a loss of $81 million and down $410 million for the year.

For the quarter, the company raised $182 million, including $150 million in down payments from Foxconn. The balance was common stock issued under an equity purchase agreement, said Adam Kroll, chief financial officer.

For the year, the company raised $288 million, including the $150 million from Foxconn, $82 million from warrant exercises and $56 million in the equity purchase agreement and employee option exercises.