#1AEVA Third Quarter 2021 Results November 10, 2021#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 2021 and business objectives for 2021, along with our expectations with respect to our collaborations with third parties. 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 many 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-parties 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, 2021. 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 date 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 2021 Highlights Business Update 2021 Objectives Update Third Quarter 2021 Financial Results s AEVA 4#5Third Quarter 2021 Highlights Key Production Win with Plus Plus to implement 4D LIDAR on autonomous trucks for production Confirms increasing transition to FMCW and leading performance and scalability of Aeva's automotive-grade LiDAR on chip technology On track with key development milestones across other collaborations ● ● Selected Fabrinet for Automotive-Grade Production of Chip Module New advanced line to produce 4D LiDAR chip modules Accelerates manufacturing capabilities in an automotive certified production line ● On Track to Complete B Sample Development Product design release is complete Finalizes architecture and path to final cost structure Deliveries to partners in 2022 ● ● Plus s AEVA 5#6s AEVA Business Update#72 QQQ#8Plus Production Win Accelerating Automotive Momentum Multi-year agreement to implement Aeva's 4D LiDAR on Plus Drive autonomous system Plans for global deployment starting late 2022 Plus Focused on Volume Production Deployment Plans to deploy 100,000+ vehicles by 2025E Customers include leading global freight carriers and OEMs, such as Amazon and FAW, world's largest heavy-duty truck OEM ● ● THE FUTURE OF TRUCKING Plu "We selected Aeva as our production partner because its 4D LiDAR complements Plus's state-of-the-art long range perception by adding important instant velocity detection for the safe operation of autonomous trucks, and Aeva shares our commitment to bring autonomous trucks to market." -Shawn Kerrigan, COO and Co-founder of Plus Plus AMOSAND - Pterbilt Aeva 4D LIDAR Peterbilt#9Fabrinet to Produce 4D LIDAR Chip Module Automotive-Grade Manufacturing Leading manufacturer of silicon photonics integrated devices and advanced precision optical systems Automotive-qualified with IATF 16949 certification Trusted supplier to major automotive OEMs and Tier-1s ● ● ● New Advanced Production Line Accelerates Path to Scale Fabrinet to manufacture third generation chip modules and scale for series production ● Close Collaboration to Optimize Manufacturing Working together to increase automation and process efficiency ahead of SOP Aeva establishing local team in Thailand to support manufacturing ramp AEVA 4D LIDAR s AEVA 9#10s AEVA 2021 Objectives Update#112021 Objectives Build on Momentum with Two Additional Programs Towards Production Completed goal with Plus and Nikon collaborations Remain on track with other collaborations ● Accelerate Engagements in Non-Automotive Applications Completed goal with Nikon collaboration for industrial metrology and automation Continued momentum for other non-auto applications ● Strengthen Supply Chain for Production to Bring Aeva 4D LIDAR to Scale Finalized key supply chain for our silicon processing chip Selected Fabrinet to produce 4D LIDAR chip module ● ● Complete Next-Generation B Sample Development On track to complete by year end Working with supply chain for deliveries to our partners starting in 2022 ● ● s AEVA 11#12s AEVA Third Quarter 2021 Financial Results#13Third Quarter 2021 Summary Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² $3.5m ($19.9)m ($24.2)m ¹Non-GAAP operating loss of $19.9m in Q3 2021 excludes stock-based compensation of $7.5m 2Capital expenditures were $1.0m in Q3 2021 Highlights ● ● s AEVA Q3 results driven by continued substantial progress on customer development milestones and path towards production Strong cash, cash equivalents and marketable securities position of $477.7m as of September 30, 2021 Weighed average shares outstanding of 212.6m in Q3 13#14AEVA