#1AEVA Fourth Quarter and Full Year 2021 Results February 23, 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 fourth quarter of 2021 and business objectives for 2022, 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 press release, 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 September 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 Fourth Quarter and Full Year 2021 Highlights 2021 Objectives Review Business Update 2022 Objectives Fourth Quarter and Full Year 2021 Financial Results s AEVA 4#5Fourth Quarter and Full Year 2021 Highlights Expanded Technology and Product Leadership Global leader in 4D LIDAR, with largest portfolio of FMCW patents amongst peers Leading perception with 500m range, Ultra Resolution and 4D Localization Aeries II, world's first 4D LiDAR with auto grade reliability in a compact form factor ● ● Accelerated Commercial Momentum Aeva 4D LIDAR on TuSimple's driver-out trucks Foundational agreement with undisclosed customer for large AV program Production win with Plus, initial deployment starting late 2022 Collaboration with Nikon for industrial automation and metrology ● ● ● Solidified Supply Chain Finalized key supply chain for silicon processing chip Selected Fabrinet for chip module manufacturing ● Well Positioned to Bring 4D LIDAR to Market Successful public listing with >$500m in net proceeds, enabling continued investment for growth More than doubled team to support growing list of engagements ● Plus VAEVA s AEVA 5#6s AEVA 2021 Objectives Review#72021 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 Completed with release of Aeries || On track for deliveries starting in late Q2 2022 ● ● s AEVA 7#8s AEVA Business Update#9Aeva on World's First Fully Autonomous Truck Industry-first Milestone in Autonomous Trucks TuSimple's fully autonomous truck without human in-vehicle and without human intervention 80-mile run from Tucson to Phoenix ● ● Aeva + TuSimple Aeva's unique instantaneous velocity data implemented in TuSimple's perception stack ● Continue to support TuSimple's driver-out operations and on-road fleet expansion Photo credit: TuSimple Q Aeva 4D LIDAR#10Leaping Forward with Aeries II || World's First Commercially Available 4D LiDAR Advanced 4D Perception for Next Generation of Autonomy 500m range with instant velocity measurement for every pixel Ultra Resolution - camera-level resolution with 20x resolution of typical ToF 4D Localization - real-time vehicle motion estimation for accurate positioning ● ● Automotive Grade Reliability Design for performance across a variety of conditions Compact for integration in multiple locations and applications ● ● First LIDAR on Chip Architecture Enables Mass Scalability All core sensing components integrated on chip and completely fiberless Highly automated manufacturing processes already at scale for other industries Next Stage Towards Commercialization Deliveries expected to begin in late Q2 Scaled deployment across commercial programs starting late 2022 ● ● ARVA AEVA s AEVA 10#11Accelerating Industrial Precision with 4D LIDAR Pulling Forward First Industrial Launch by One Year, Targeting 2024 Defined first product with Nikon in industrial metrology applications ● First 4D LIDAR Chip Module to Achieve Micron Level Precision • 1000x precision of legacy 3D LIDAR Utilizes Same Core Chip Architecture and Manufacturing Lowers costs and drives higher economies of scale efficiencies CO s AEVA 11#12s AEVA 2022 Objectives#132022 Objectives Aeries II Deployment and Qualification with Customers Initial deliveries expected in late Q2 ● Convert Two Additional Programs Toward Production Growing momentum to utilize FMCW technology Pursue additional opportunities with Aeries II ● Accelerate Release of First Non-automotive Application by One Year to 2024 Defined first product with Nikon Strong inbound interest for LiDAR on chip module ● ● Prepare Supply Chain and Processes for Commercial Deployment Scale manufacturing at the end of 2022 Automotive certification including ASPICE and ISO ● ● s AEVA 13#14s AEVA Fourth Quarter and Full Year 2021 Financial Results#15Fourth Quarter and Full Year 2021 Summary Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² Q4 2021 $2.9m ($25.7)m ($26.6)m FY 2021 $9.3m ($81.9)m ($86.0)m ¹Non-GAAP operating loss of $25.7m in Q4 2021 and $81.9m in 2021 excludes stock-based compensation of $6.2m and $22.2m respectively 2Capital expenditures were $1.6m in Q4 2021 and $3.9m in 2021 Highlights ● ● s AEVA Q4 and full year results driven by continued substantial progress on customer development milestones and path towards production Strong cash, cash equivalents and marketable securities position of $445.0m as of December 31, 2021 Weighed average shares outstanding of 214.3m in Q4 15#16AEVA