#1AEVA Second Quarter 2022 Results August 3, 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 second quarter of 2022 and business objectives for 2022, along with our expectations with respect to our orders, engagements and potential engagements 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 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 March 31, 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 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 Second Quarter 2022 Highlights Business Update 2022 Objectives Update Second Quarter 2022 Financial Results s AEVA 4#5Second Quarter 2022 Highlights Key Milestone Achieved with First Aeries II Deliveries Shipped to strategic customers • World's first commercially available FMCW 4D LIDAR with high performance and automotive reliability ● Gaining Traction in Auto and Beyond Continue to achieve development milestones with strategic customers Strong interest for Aeries II across auto and industrial automation ● ● Solidifying Expansion into Industrial Automation Multi-year collaboration with SICK for industrial sensing applications On track for first product launch with Nikon in 2024 ● ● Disciplined Capital Allocation Deliberate approach to capital investment driving strong progress on product development and commercial momentum ● AEVA SICK Sensor Intelligence. WWW. F s AEVA 5#6s AEVA Business Update#7Aeries II Journey to Production Major Milestone Reached Aeries II is world's first commercially available FMCW 4D LIDAR solution Up to 500m range, instant velocity and camera-level resolution, with automotive grade reliability Began shipping to strategic customers in late Q2, consistent with communicated timeline ● Focused on Scaling Deployment Strong demand from existing and new customers across passenger and mobility vehicles, commercial vehicles and industrial automation Working on bringing up manufacturing ● Progressing Toward Mass Production Target completing next phase of qualification with strategic customers over the next 9-12 months ● offies s AEVA 7#8Aeries II - Journey to Production BEBERESSENERERERESES 348-8-8-8=#81818188 HLB M 10 WD34 AEVA s AEVA 8#9Aeries II - Unlocking Cost Reduction Significant Progress Towards Cost Target >55% cost reduction achieved since A-Sample ● LiDAR on Chip Brings Unique Cost Advantages All core components integrated on a silicon photonics chip module Low cost, highly reliable fiberless laser Highly automated assembly ● ● ● Graph for illustrative purposes, not drawn to scale A-Sample >55% Reduction Aeries II SOP s AEVA 9#10Aeries II - Gaining Traction in Auto and Beyond ● ● ● PASSENGER & MOBILITY COMMERCIAL VEHICLES INDUSTRIAL AUTOMATION Applications across passenger and mobility vehicles, commercial vehicles and industrial automation Programs targeted between 2024-2026 Anticipated to drive additional programs toward production over the next twelve months s AEVA 10#11Multi-year Collaboration with SICK AG for Industrial Sensing A AEVA SICK Sensor Intelligence. 249301 ● ● Leader in logistics, factory and process automation technology with around €2B in annual revenues Logistics and Factory Automation segments account for ~€1.6B in revenues Broad range of global customers + s AEVA "We are convinced that Aeva's unique approach to FMCW technology, which includes instant velocity detection and long range performance, will provide new opportunities for us and our customers in a variety of industrial sensing applications where traditional time of flight LIDAR technologies are challenged." Dr. Niels Syassen Executive Board Member, Technology & Digitization at SICK Unique FMCW 4D LIDAR performance enables next-generation automation Starting with Aeries II. Start of production targeted in 2024 Solidifies expansion into industrial automation ਹਰਦੀ 11#124D LIDAR Differentiations and Applications with SICK Targeted Applications with SICK • Outdoor sensing for logistics and factory automation 4D LIDAR Addresses Challenges with Legacy Solutions • Long range detection at low reflectivity ● Instant velocity detection for obstacle avoidance Immunity to interference from sun and blooming/ ghosting from retroreflectors Leveraging Foundational LiDAR on Chip Technology Same LIDAR on chip for automotive Adaptable software to deliver to diverse industrial performance requirements ● DE s AEVA 12#13s AEVA 2022 Objectives#14On Track with 2022 Objectives Aeries II Deployment and Qualification with Customers Began shipping units to customers in late Q2 Work closely with customers on qualification in second half 2022 ● ● Convert Two Additional Programs Toward Production Entered multi-year collaboration with SICK for industrial sensing Continue to progress forward on multiple engagements in both automotive and non-automotive Aeries II and LiDAR on chip module continue to grow momentum ● ● ● Accelerate Release of First Non-automotive Application by One Year to 2024 Solidified expansion into industrial automation with SICK collaboration targeting SOP in 2024 On track for first product launch with Nikon in 2024 On schedule to complete common LiDAR on chip platform for industrial automation by Q4 2022 ● ● Prepare Supply Chain and Processes for Commercial Deployment Focused on scaling up manufacturing Continue working towards Automotive SPICE certification ● ● s AEVA 14#15s AEVA Second Quarter 2022 Financial Results#16Second Quarter 2022 Summary Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² $1.5m 2Capital expenditures were $2.6m in Q2 2022 ($29.3)m ($34.0)m ¹Non-GAAP operating loss of $29.3m in Q2 2022 excludes stock-based compensation of $6.4m Highlights ● ● ● Q2 results reflect ongoing progress with customer development milestones and product sales Strong cash, cash equivalents and marketable securities position of $378.9m as of June 30, 2022 s AEVA Weighted average shares outstanding of 216.9m in Q2 16#17AEVA