#1AEVA Third Quarter 2022 Results November 8, 2022#2Legal Disclaimer s AEVA Forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this presentation include our beliefs regarding our financial position and operating performance for the third quarter of 2022 and business objectives for 2022, along with our expectations with respect to our partners, orders, product shipments, engagement with Nikon and other customers, new Board appointments and our patent portfolio. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including, but not limited to: (i) the ability to maintain the listing of Aeva's securities on the New York Stock Exchange, (ii) the price of Aeva's securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva's business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva's products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva's products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva's business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-Q for the quarter ended June 30, 2022. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations. 2#3Legal Disclaimer (Continued) s AEVA Financial Information; Non-GAAP Financial Terms The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any filing Aeva makes with the SEC. This presentation contains non-GAAP financial measures. Aeva believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Aeva's financial condition and results of operations. Aeva believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management of Aeva does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Aeva's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Aeva's management about which expenses and income are excluded or included in determining these non-GAAP measures. 3#4Agenda Third Quarter 2022 Highlights Business Update 2022 Objectives Update Third Quarter 2022 Financial Results s AEVA 4#5Third Quarter 2022 Highlights Building Momentum with Aeries II Meaningful progress bringing up manufacturing Shipped to 25+ customers ● ● Advancing in Auto Progressed to advanced or RFQ stage on multiple automotive and industrial programs Integration on NVIDIA Sim and Intempora accelerates development of next-generation ADAS and AD solutions On Track with Industrial Joint development agreement with Nikon solidifies path through production for first precision product Strong progress on SICK AG collaboration for industrial automation product ● ● Strengthened Board and Global Team Three new Board members bring expertise in product commercialization and strategy Expansion into Germany, India and Thailand with sales, development and manufacturing teams to support commercial momentum ● Extended FMCW Leadership Industry-leading portfolio of FMCW IP with 130+ patents granted UNITED STATES GERMANY AEVA INDIA. THAILAND CHINA s AEVA 5#6s AEVA Business Update#7Building Momentum with Aeries II 25+ Customers Shipped in Q3 Broad Interest Across Diverse Applications Passenger Vehicles Commercial Trucks Mobility Industrial 1Versus beginning of Q3 +300% Production Ramp Pace in Q31 Meaningful Progress Bringing Up Manufacturing Prioritizing shipments to key customers and strategic opportunities AEVA s AEVA 7#8Advancing in Auto and Beyond Multiple Programs Progressing to Advanced or RFQ Stage Across automotive and industrial applications Increasing ability to scale manufacturing s AEVA 8#9Enabling Development of Next-Generation Solutions First FMCW 4D LIDAR on NVIDIA DRIVE Sim and Intempora RTMaps NVIDIA® शहर Accelerates industry's ability to adopt FMCW LIDAR Enables OEMs to effectively simulate & validate Aeva's unique capabilities Integration on leading development tools brings Aeva's 4D LiDAR to broader group of OEMs [1²] Jud. INTEMPORA MULTISENSOR SOFTWARE SOLUTIONS A dSPACE COMPANY s AEVA 20 9#10Solidifying Roadmap with Nikon Entered Next Phase for First High Precision Industrial Product Joint development agreement defines key development and validation milestones until production Remain on track with accelerated timeline: Complete LiDAR-on-chip module development by Q4 2022 First product launch in 2024 ● Differentiated Perception for Industrial Sensing First product with Nikon for inspection and quality assurance during automotive manufacturing, enabling higher quality, yields and output Leverages micron level precision capabilities uniquely made possible by Aeva FMCW technology Small chip based form factor enables expansion into new applications ● ● ● 80 s AEVA 10#11Extended Technology Leadership 130+ Patents Granted Industry-leading Portfolio of FMCW IP With Additional 135+ Patents Pending Silicon Photonics 'll'a System Design $ 1 Algorithms '||' 4D Perception s AEVA 11#12s AEVA 2022 Objectives#13Strong Progress with 2022 Objectives Aeries II Deployment and Qualification with Customers Meaningful progress bringing up manufacturing in Q3 Continue to increase production to meet growing demand ● ● Convert Two Additional Programs Toward Production Multi-year collaboration with SICK AG for industrial sensing represents one program Progressed to advanced or RFQ stage on multiple programs in automotive and industrial Aeries II and LiDAR-on-chip module continue to grow our commercial momentum ● ● ● Accelerate Release of First Non-automotive Application by One Year to 2024 Joint development agreement with Nikon for first product defines path to 2024 SOP Solidified expansion into industrial automation with SICK AG collaboration targeting 2024 SOP On track to complete common LiDAR-on-chip platform for industrial automation by Q4 2022 Prepare Supply Chain and Processes for Commercial Deployment Brought up first line for manufacturing of Aeries II On track for Automotive SPICE certification prior to SOP ● ● s AEVA 13#14s AEVA Third Quarter 2022 Financial Results#15Third Quarter 2022 Summary Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² $1.4m 2Capital expenditures were $2.1m in Q3 2022 ($31.7)m ($27.2)m ¹Non-GAAP operating loss of $31.7m in Q3 2022 excludes stock-based compensation of $6.1m Highlights Q3 revenue driven by progress scaling Aeries II deployment ● s AEVA ● Strong cash, cash equivalents and marketable securities position of $350.8m as of September 30, 2022 Weighted average shares outstanding of 217.9m in Q3 15#16AEVA