#1s AEVA Third Quarter 2023 Results © 2023 Aeva, Inc.#2AEVA Legal Disclaimer 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 2023 and business objectives for 2023, along with our expectations with respect to the production agreements with May Mobility and Nikon, collaboration agreement with a Top OEM, as well as engagement and deployments with other customers, the anticipated closing of our capital raise, anticipated benefits of the capital raise and our ability access to capital under the Facility Agreement. 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 fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva's limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the ability to manufacture at volumes and costs needed for commercial programs and (vi) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. 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. 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. Please refer to our third quarter 2023 results press release for a reconciliation of GAAP to non-GAAP 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. The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or securities laws of any state or other jurisdiction, and may not be resold absent registration under, or exemption from registration under, the Securities Act. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction © 2023 Aeva, Inc.#3AEVA Agenda Third Quarter 2023 Highlights Business Update Third Quarter 2023 Financial Results Capital Raise © 2023 Aeva, Inc.#4AEVA Third Quarter 2023 Highlights Production Win with May Mobility Aeva 4D LIDAR selected as exclusive long-range LIDAR Leverage 4D LIDAR capabilities to expand ODD © 2023 Aeva, Inc. Nikon Production Award for High Precision ● Multi-year program for industrial metrology and quality control products Aeva SOP planned for late-2024 In Final Phase with Top-10 OEM ● Received OEM's top rating for manufacturing readiness Expect OEM to award production program over the next quarter Strengthening Aeva's Position for Success Appointed Dr. Stefan Sommer, former ZF CEO and Board member at VW, to Aeva's Board $145M of new capital positions Aeva for additional OEM wins Renders for illustration purposes only#5AEVA Business Update © 2023 Aeva, Inc.#6AEVA Production Win with May Mobility 4D LIDAR selected as exclusive long-range LiDAR • FMCW advantages enable expansion of May Mobility's operational design domain Replaces conventional long-range LiDAR Multi-year production agreement through 2028 • Global deployment on Toyota's Sienna ● Autono-MaaS vehicle platform Volume commitments through 2028 ● ● Delivery starting this quarter and production ramping in 2025 © 2023 Aeva, Inc. Renders for illustration purposes only 6#7AEVA Awarded First Production Program for High Precision Nikon to use Aeva's LiDAR-on-Chip for production of high- precision industrial inspection products ● ● ● Customers across automotive, aerospace, and renewable energy industries Combination of micron-level accuracy, faster measurement, and smaller size opens new opportunities Multi-year production program with Aeva SOP planned for late-2024 Leveraging Aeva's perception platform for additional high-precision opportunities © 2023 Aeva, Inc. 2021 ANNOUNCED COLLABORATION WITH NIKON 2022 SIGNED JOINT DEVELOPMENT AGREEMENT 2023 AWARDED PRODUCTION PROGRAM 2024 AEVA FIRST PROGRAM SOP 2025 AEVA Nikon MULTI-YEAR PRODUCTION PROGRAM Image credit Nikon 7#8AEVA In the Final Phase with Top-10 OEM Received top rating for manufacturing readiness • Completed comprehensive audit of Aeva's manufacturing team, processes and partners Validation of Aeva's ability to operate as a Tier 1 supplier to leading global OEMs Expect OEM to award production program in the next quarter © 2023 Aeva, Inc. 8#9AEVA Strengthening Top Automotive Aeva's Board with Leadership © 2023 Aeva, Inc. Dr. Stefan Sommer, former CEO of ZF Group and Board member at Volkswagen Group, appointed to Aeva's Board • Grew ZF to be one of the largest global Tier 1 suppliers Led components and procurement at Volkswagen Group ● "Aeva's FMCW technology holds a unique potential to help advance the industry to new levels of automation and safety within the automotive industry and across a wide array of industrial applications."#10AEVA Third Quarter 2023 Financial Results © 2023 Aeva, Inc. 10#11AEVA Third Quarter 2023 Summary Highlights Revenue driven by continued deployment of Aeries II Strong cash, cash equivalents and marketable securities position of $233.7M as of September 30, 2023 Weighted average shares outstanding of 222.8M in Q3 © 2023 Aeva, Inc. Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² Q3 2023 $0.8M ($30.3) M ($29.1)M ¹Non-GAAP operating loss of $30.3M in Q3 2023 excludes stock-based compensation of $5.1M 2Capital expenditures were $1.0M in Q3 2023 11#12AEVA Capital Raise © 2023 Aeva, Inc. 12#13Further Strengthening Aeva's Balance Sheet Strong commitment from existing long-term stockholders Builds OEM confidence in Aeva's ability to support multiple programs beyond SOP Financing strategically structured to provide flexibility while minimizing dilution AEVA "As Aeva's momentum continues to accelerate, we are excited to strengthen our commitment to Aeva's leading next-generation technology and believe this capital will enable Aeva to further differentiate its position with global OEMs and secure additional production program wins in what we view as a significant global market opportunity." - Dan Gibson, Founder and CIO at Sylebra © 2023 Aeva, Inc. $145M CAPITAL RAISE FROM EXISTING LONG-TERM STOCKHOLDERS $234M CASH ON HAND $125M FACILITY* $20M PRIVATE PLACEMENT OF COMMON STOCK $233.7M CASH, MARKETABLE SECURITIES AND CASH EQUIVALENTS AS OF Q3 2023 *Aeva can draw on the facility at its discretion, subject to a new passenger auto-OEM or commercial OEM production program award 13#14s AEVA © 2023 Aeva, Inc.