LORDSTOWN — What lies ahead for Lordstown Motors Corp. hinges on finalizing an agreement with Foxconn that would smooth the way for the Taiwanese tech and electronics giant to purchase the electric-vehicle startup’s vehicle assembly plant.

It was November when the companies announced an asset purchase agreement for $230 million for the 6.2 million-square-foot factory and the land that surrounds it. With that in place, Foxconn agreed to a $50 million equity investment, that in a show of good faith, it made shortly after the agreement in principle was made public in September.

The targeted closing date for the asset-purchase agreement is Saturday, but balances on the companies’ coming to terms on a contract manufacturing agreement for Lordstown Motors’s flagship vehicle, the Endurance. That agreement, according to Lordstown Motors officials in February, is a condition of the factory sale being finalized.

The sides also agreed last year to pursue a joint product development agreement to co-design and develop future vehicles based on Foxconn’s mobility in harmony (MIH) platform.

The latter agreement is vital for Lordstown Motors to raise millions more needed to launch the Endurance this year, company officials also said in February. That amount is about $250 million.

It appears neither deal had been finalized as of Wednesday.

A message was left and an email was sent seeking comment Wednesday with a Lordstown Motors spokesperson.

Foxconn has made a down payment of $100 million and an additional $50 million earlier this year. A second $50 million payment was due by April 15 and the $30 million balance was due at closing.

According to a regulatory report in February, if the purchase agreement is terminated or the transaction doesn’t close by April 30, Lordstown Motors must repay the payments by Foxconn, and has granted “Foxconn a first priority security interest in substantially all of our assets to secure the repayment obligation.”

The filing with the U.S. Securities and Exchange Commission also states if the purchase agreement does not close, Lordstown is unlikely to have enough money to repay Foxconn’s downpayments.

“As a result, Foxconn may exercise its rights under the APA (asset purchase agreement), including, but not limited to, foreclosing on its liens on some or substantially all of the company’s assets. Under such circumstances, we would not likely be able to continue as a going concern or realize any value from our assets.”

In a February conference call with analysts to discuss the company’s fourth quarter and full-year 2021 financial results, Lordstown Motors CEO Daniel Ninivaggi said he was disappointed the talks were not further along, but characterized the relation with Foxconn as positive and was hopeful the sides would come to an agreement.

It was also on that call the company announced underwhelming commercial production and sales projections as well as continued financial losses. The expectation then was the company would produce about 3,000 trucks through 2023.

Ahead of the financials announcement, Fisker Inc., a California-based manufacturer of electric vehicles, announced it is accepting reservations for its second auto, the PEAR, which will be made in partnership with Foxconn. Fisker’s CEO Henrik Fisker told this newspaper last year if Foxconn successfully acquires Lordstown, the intent is to produce the PEAR in Lordstown.