#1AEVA First Quarter 2021 Results May 13, 2021#2Legal Disclaimer 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. 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 8-K filed on March 18, 2021, and the risk factors found in the section entitled "Risk Factors - Risks Related to Aeva's Business and Industry" in the proxy statement/prospectus dated February 12, 2021 filed by Interprivate Acquisition Corp. 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 (Cont'd) 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 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 First Quarter 2021 Highlights Company and Technology Overview Business Updates and 2021 Objectives First Quarter 2021 Financial Results s AEVA 4#5First Quarter 2021 Highlights Successful Public Company Listing and Capital Raise Completed business combination with InterPrivate Acquisition Corp. Now trading on NYSE under ticker "AEVA" Net proceeds of $513m ● Announced Partnerships with Industry Leaders Collaboration with TuSimple to deploy Aeva's 4D LiDAR for self-driving trucking Collaboration with Tier-1 supplier Denso for consumer vehicle market ● Advancing Safety and Performance with Ultra Long Range Industry-leading detection range of beyond 500m Accomplished on current hardware, highlighting continuous improvements through proprietary FMCW technology and OTA updates ● ● Expanded Leadership Team to Commercialize Aeva's 4D LIDAR Key executive hires with deep expertise in supply chain and advanced technologies Formed Advisory Board with veteran executives from Apple and Volkswagen ● ● AEVA 100m s AEVA Perception for All Devices Road and drivable region detected beyond 200m AEVA 200m 300m 400m Vehicle classified and detected beyond 500m 1 ID ID 20 459m 28.02 m/s vé AEVA ID ID 21 517m 500m 30.85 m/s 5#6Aeva Leadership Soroush Salehian CEO and Co-Founder Mina Rezk CTO and Co-Founder Saurabh Sinha CFO Head of Sensing Program Management at Apple SPG • Led System Program Management for Apple Watch 1 Founder at BlueLibris (Acq'd) - wearable health sensing Product • Stanford Mechatronics ● • Head of Optical Sensing - Apple SPG Led World's 1st Commercial Precision LiDAR at Nikon 17 years Developing Sensor Fusion Systems for Autos, Aero 25+ Patents on sensing technology design and commercialization CFO/SVP & Chief Accounting Officer at JUUL Labs Corporate Controller & FP&A at InvenSense • Sr. Director of Finance and Accounting at Symmetricom The Wharton School ● Nikon AEVA JUUL InvenSense Wharton UNIVERSITY of PENNSYLVANIA 6#7Aeva's Rapid Pace of Breakthrough Technology To Market BUSINESS AEVA Founded By Soroush Salehian and Mina Rezk 2017 TECHNOLOGY 2018 First 4D LIDAR Sample Initial Prototype Data VOLKSWAGEN 7F Released A-Series 4D LIDAR to Key Partners Aeva A-Series 4D LIDAR First 4D LIDAR with Long Range and Velocity DENSO 2019 m Audi tu simple Revealed Audi AID Partnership VOLKSWAGEN Revealed Investment from VW Porsche SE Announced First 4D LiDAR Fully Integrated on Chip Confidential 2020 Aeva's 2nd Gen 4D LIDAR on Chip All LIDAR Optics Fully integrated on Silicon Photonics Key Partners and Investors LUX Canaan PARTNERS 7F Revealed ZF Production Collaboration to bring first 4D LiDAR to auto mass scale Aeries Deployment 120° Field of View Long Range 2021 NYSE Closed business combination, listing as "AEVA" and $513m in net proceeds DENSO tu simple Revealed 2 Major Collaboration: Denso - 4D LIDAR for auto mass market TuSimple - 4D LIDAR for self-driving trucks Adage Capital Management AEVA T ID ID 21 517m 30.85 m/s Ultra Long-Range 500m Detection Achieved with software updates on existing hardware Sylebra Capital 7#8Aeva's Mission: Bring the Next Wave of Perception for All Devices Singular Focus to Deliver the Best Perception Solution Aligned with Highly Capable and Committed Partners 4D LIDAR on Chip Enables Scalability at Affordable Cost ● ● ● Long-term view on the end-state of technology, not what's available today Breakthrough FMCW 4D LIDAR fundamentally changes sensing and perception paradigm s AEVA Strategic focus on industry leaders with capability to bring best-in-class technology to large scale Shared vision to advance new technology to market LiDAR on chip integrates all core components on silicon photonics platform Built on proven manufacturing processes 8#9Differentiated 4D LIDAR Aeva 4D LIDAR FMCW¹ / Coherent Detection VS Legacy 3D LIDAR (Time of Flight) AM / Direct Detection AEVA ¹Frequency Modulated Continuous Wave Silicon Photonics Chip FM Laser Detector AM Laser Detector Optical Processing Aeva is the Only FMCW LIDAR Company Meeting Perception Needs Low Continuous Power Eye Safety Margin Low High Pulsed Power Low High Eye Safety Margin High All LIDARs Today AEVA 4D LIDAR Superior Capability Instant Velocity for every pixel Provides unprecedented perception capability Free from all interference (LiDAR or Sun) Drives mass market adoption AEVA 100x higher sensitivity Enables ultra long range of detection at a fraction of the power First LiDAR Integrated on Silicon Photonics Enables large volume scalability at affordable cost Only Sensing Solution Built from the Ground Up on Silicon Photonics for Mass Scale Application in Automotive, Consumer Electronics and Beyond 9#10Underpinned by Proprietary Breakthrough Technology s AEVA Custom Semiconductor Fiberless Laser Custom Receiver Silicon Photonics Optical Engine Super Pixel Density Per Beam ASIC Processor with Unique DSP Perception Software Proprietary semiconductor laser based on proven processes 30x Lower costs vs Legacy 3D LIDAR Proven CMOS based photodetector integrated on Silicon Photonics without the use of exotic processes Key LIDAR components integrated on Silicon Photonics leveraging proven CMOS processes in telecom • Unique modulation breaks legacy 3D LIDAR dependency between max range and pixel density Each beam capable of millions of pixels/second • Custom ASIC built from ground up for 4D LIDAR unique data stream qualified for automotive and beyond Proprietary DSP software algorithms for long range Proprietary low power perception software purpose built on Aeva ASIC to leverage unique raw 4D data Multi-year on road testing and data validation by key customers s AEVA First 4D LIDAR on Chip Aeva Brings Perception to Broad Applications at Industry Leading Cost 10#11Solves Traditional FMCW Limitations AEVA Point density Processing time Laser/transceiver count Power Manufacturing Scale Cost Sources: Company public data and physics 4D LIDAR s AEVA Millions of pixels per second per beam 5x faster object detection versus legacy 3D LIDAR Low beam count, fiberless semiconductor laser Lower power due to lower transceiver count and core IP Proven semiconductor processes in millions / year Affordable cost with visibility on cost trajectory Meets Requirement Unproven Conventional FMCW Up to ~0.2 million pixels per second per beam Longer than legacy 3D LIDAR (TOF) Up to 10x more transceiver count needed to achieve required resolution High power due to higher number of transceivers and processing complexity Not proven in scale Higher cost due to optics and electronics complexity Does Not Meet Aeva 4D LIDAR Addresses the Limitations of Conventional FMCW and 3D LIDARS s AEVA 11#12AEVA Business Update and 2021 Objectives#13Aeries Product Update Aeries - Industry Leading 4D LIDAR Ahead of Schedule and Outperforming Last Generation Improved resolution to best-in-class over 350 points/square degree through software updates 30% size reduction from previous sample Completed Reliability and Compliance Testing Temperature step Vibration and shock • Water and dust ingress AEVA EVA AEVA 13#14Aeries Product Update Velocity Range Intensity AEVA 14#154D LIDAR Chip Update 3rd Generation LIDAR Chip Module Completed • One quarter ahead of schedule Enables final cost structure and form factor Completed Initial Reliability Testing Temperature step ● ● Improved reliability by eliminating all fiber optics Already being produced at production intent factory ● Random vibration Thermal shock AEVA 4D LIDAR s AEVA 15#16Aeva 4D LIDAR Integrates All Key Components onto Chip Long Range Time-of-Flight LiDAR Fiber Lasers High Power, Low Reliability, High Costs AEVA 4D LIDAR Avalanche InGaAs Detectors FreeDO Only LIDAR to Integrate All Core Components onto Silicon Chip Module Low Yields Increased Costs Replaced By ● Multiple Large Aperture Lens Limits Size Increased Costs Manufacturing Assembly Complex Manual Labor limited 4D LIDAR Chip Module • Low cost, highly reliable laser • All core components integrated on a silicon photonics chip module • Small and simple low-cost lens Highly automated assembly with high yields AEVA 16#174D LIDAR Chip s AEVA 17#18Expanding Technology Leadership with Ultra Long Range Detection Industry Leading 500m Detection Step change in performance enables safer automated driving • Detection range validated by automotive customers Ground and road drivable region beyond 200m ● Driven by Aeva's Proprietary FMCW Technology Instant velocity per pixel enables longer distance at higher confidence than legacy ToF ● Simultaneous high resolution and long range capability Achieved through software updates on existing hardware "We see Aeva's groundbreaking long range LiDAR technology as a promising component to autonomous driving system for trucks." AEVA Chuck Price, CPO at TuSimple tu simple 18#19Expanding Technology Leadership with Ultra Long Range Detection 350m Pedestrian Detection and Classification 500m Vehicle Detection and Classification 200m Ground and Road Drivable Region 100m 100m 200m Road and drivable region detected beyond 200m Pedestrian detected and classified beyond 340m 300m 200m 400m Vehicle classified and detected beyond 500m 300m ID 1 Å 343.8m 1.51m/s ID ID 20 400m 459m 28.02 m/s ID ID 21 500m 517m 30.85 m/s AEVA 19#20Foundational Agreement with Undisclosed Customer Strong Validation of Aeva's Unique FMCW Technology Deploying Aeva 4D LIDAR for Autonomous Program Development and Validation rough Production image for illustration purposes only#21Validation for Aeva's Performance and Scalability VOLKSWAGEN VW Group GROUP "LiDAR is a key enabling technology when it comes to providing sensing and perception capability required to achieve highly automated driving at scale. However, a LiDAR that is high enough performance to meet the requirements for autonomy and at affordable cost has been historically very challenging. We have found Aeva's 4D LIDAR is the top solution on the market because it addresses these problems in a scalable way. Aeva has the unique ability to measure velocity at the pixel level with high resolutions, and at long ranges-all of which are critical to help enhance the factor of safety for automated driving. These along with a compact form factor that is integrated at the silicon chip level, make Aeva the top solution to enable autonomous driving at production scale." Alex Hitzinger, CEO of ARTEMIS, Volkswagen Group AEVA 21#22Validation for Aeva's Performance and Scalability 7F ZF "Aeva's unique FMCW 4D LiDAR combines direct velocity measurements with long range performance, and is built on silicon chip scale, making it the right choice for autonomous driving. 4D LIDAR is also immune to interference, which is important for the factor of safety and the scalability of self-driving cars." Torsten Gollewski, EVP of Autonomous Mobility Solutions at ZF ZF is one of the world's largest automotive Tier-1 manufacturers and suppliers to most top OEMs Collaboration with ZF to manufacture and distribute automotive-grade 4D LIDAR ZAEVA AEVA 22#23Validation for Aeva's Performance and Scalability DENSO DENSO "Aeva's FMCW 4D LIDAR solution addresses the missing link for perception in automated driving and advanced driver-assistance systems, with its unique ability to meet the stringent automotive performance and safety requirements." Kazuma Natsume, Director of AD & ADAS Engineering Div. 2 at DENSO DENSO is one of the world's largest automotive Tier-1 suppliers with components in most car models and a leader in commercializing advanced technologies at affordable costs Aeva's collaboration with DENSO is focused on bringing 4D LIDAR to mass vehicle market DENSO Crafting the Core AEVA 23#24Validation for Aeva's Performance and Scalability tu TuSimple "Aeva's 4D LIDAR solution provides a unique ability to measure instant velocity along with distance, and at longer ranges, which when combined with the other sensors in our technology stack, provides complementary capabilities to our autonomous system. Aeva shares our strict standards for safety and reliability, making them a great partner for our LIDAR solutions." Chuck Price, Chief Product Officer at TuSimple TuSimple is a leader in self-driving truck technology and has partnerships with the top trucking OEMs across US and Europe. TuSimple has been working with Aeva since 2019 and is partnered with Aeva to deploy 4D LiDAR for autonomous trucking C65942 AEVA 24#252021 Objectives Complete Next Generation B Sample Development On schedule to complete next generation LiDAR development by end of year ● Build on Momentum with 2 Additional Programs Towards Production Focus will continue to be on aligning with industry leaders who are highly capable and well positioned to bring mass deployment of LiDAR to market ● Accelerate Engagements in Non-Automotive Applications Leverage synergies from common core chip architecture for non-automotive opportunities, including industrial and beyond Strengthen Supply Chain for Production to Bring Aeva 4D LIDAR to Scale Advance commercialization plan with production intent supply partners, including dual source strategy and securing capacity s AEVA 25#26AEVA First Quarter 2021 Financial Results#27First Quarter 2021 Summary First Quarter 2021 Financial Results Revenue Non-GAAP operating loss¹ Gross cash use (operating cash flow less capital expenditures)² Q1 2021 $0.3m ($15.6)m (15.5)m ¹Non-GAAP operating loss of $15.6m in Q1 2021 excludes stock-based compensation of $4.5m 2Capital expenditures were $0.7m in Q1 2021 Highlights ● ● Anticipate second-half weighted revenue cadence in 2021, aligned with customer development milestones AEVA Strong cash, cash equivalents and marketable securities position of $523m as of March 31, 2021, following $513m net proceeds from business combination transaction Shares outstanding totaled 211.5m as of March 31, 2021 27#28AEVA