#1LORDSTOWN Lordstown Motors Corporation 4Q20 & 2020 Earnings Call March 17, 2021 Copyright Lordstown Motors Corp. 2021#2Forward Looking Statements RIDE WITH LORDSTOWN. The statements in this presentation that are not historical facts, including statements regarding future financial performance, are forward- looking statements within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of Lordstown Motors, Inc. (the "Company"). These risks and uncertainties include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, impairments and retirements, operating risks, regulatory initiatives and compliance with governmental regulations, litigation, rig reactivations, and various other factors, many of which are beyond the Company's control. A discussion of the risk factors and other considerations that could materially impact the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission (the "SEC") and readers of this report are urged to review these reports carefully. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of such statement, and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.#3Leadership Steve Burns CEO Executive Leadership Rich Schmidt President Julio Rodriguez CFO RIDE WITH LORDSTOWN. 3#4Voltage Valley LORDSTOWN Steve Burns, CEO Company Overview WITH LORDSTOWN 701 RIDE WITH Lordstown, Ohio: The epicenter of electrification. Voltage Valley: Bigger than just us. LORDSTOWN Vision: Continually revolutionize the way people live and work. Mission: To deliver the world's best all-electric vehicles built for the modern worker. 4#5Vision We exist to revolutionize the way people live and work. ZZ SS RIDE WITH LORDSTOWN. LO#6Our Employees Meet our employees behind the Lordstown brand. TASK / Resanne Takt, time Leggerem Work for it. EESEER RIDE WITH LORDSTOWN. 6#7Strategic Fundamentals Strategic Fundamentals Customer Demand Innovation & best of breed engineering Necessary skills & machinery to achieve mass production Comprehensive Go-To-Market Strategy S4 RIDE WITH LORDSTOWN RIDE WITH LORDSTOWN TM#8Hello from Lordstown 03.16.2021#9ENDURANCE. On Track SEPTEMBER 2021 25 MPG Combustion Average E 75 MPG Endurance Equivalent FE F One Endurance Every Six Minutes 6 FANUO R-20 CM190R04802 CM190R04302 MA386 CMO65R 600M FANUOM-900 A RIDE WITH LORDSTOWN. LEONI INOFF R-2000B LEONI 062445 TRO1302#10ENDURANCE Expanded Alliance Enabling Commerical fleets to acquire all electric, zero emissions, work ready vehicles Holman ENTERPRISES © Copyright 2021 Holman Enterprises SMARFACE RIDE WITH LORDSTOWN. 10#11ENDURANCE "The federal government also owns an enormous fleet of vehicles, which we're going to replace with clean electric vehicles made right here in America made by American workers."** - President Joe Biden 2.5 Million Units per Year Commercial Fleet Segment*** 30 Million Light Duty Pickup Trucks On Road Today** Market Opportunity **01.25.21 Press Conference announcing Executive Order expanding the Buy American Act ***Market study commisioned by LMC, from a big 4 firm, that helped forecast demand from fleet managers 1.3 Million Commercial Fleets 650K Federal Fleets 600K Municipal Fleets RIDE WITH LORDSTOWN. Municipal and Federal fleets consist of pickups, vans, SUV's, and other vehicles. 11#12Endurance Overview ENDURANCE 81080VEY O RIDE WITH LORDSTOWN. Y 33 12 FLOW#13Go-To-Market ELECTRIC WORLD SERVICE CENTERS Go-To-Market Lordstown Service Centers © Copyright 2021 CWI, Inc All Rights Reserved OLORDSTOWN ENDURANCE ENDURANCE Collaborations 5 €8-05-21 E6-01-21 RIDE WITH LORDSTOWN. Work for it. Brand Partners - Joe Burrow 13#14Solar Energy LORDSTOWN Rich Schmidt President RIDE WITH LORDSTOWN. Solar Energy Our solar field generates 2 megawatts of the power needs for our plant. 14#15Beta update Beta Production Update 57 Betas In House production at Lordstown, Ohio S1000E RIDE WITH LORDSTOWN. 15#16Lordstown HQ Lordstown Plant Innovative Robotics Experienced start up Disruptor mindset wwwy K R1340 RIDE WITH LORDSTOWN Rosszes 16#17Hub Motor Design Hub Motors elaphe Innovative Propulsion IP Innovation In House production at Lordstown, Ohio sparco 00:00.00 BF W-3000 RIDE WITH LORDSTOWN. a LORDSTOWN 17#18Battery Packs Battery Packs In House production in Lordstown, Ohio Battery Management System DOOD 18#19DEC '20 Endurance Schedule JAN '21 FEB '21 100% Engineering Release LMC Manufacturing Retooling MAR '21 Beta Build Engineering Validation APR '21 Critical Milestones MAY '21 JUNE '21 JULY '21 Airbag Sensor Validation Durability Testing AUG '21 Brake Development *Start of Production Pre Production (PPV) SEPT '21 ↑ (SOP) * OCT '21 NOV '21 RIDE WITH LORDSTOWN. Production ramp up DEC '21 19#20RIDE WITH LORDSTOWN. Ramping to 60,000 Vehicle Capacity 20#21Financial Overview Julio Rodriguez Financial Overview 4 4Q20 & 2020 ENDURANCE www.www RIDE WITH LORDSTOWN. 21#22Financial CONSOLIDATED STATEMENT OF OPERATIONS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) OPERATING COSTS AND EXPENSES: Selling and Administrative Research and Development Total Operating Costs and Expenses Loss From Operations OTHER INCOME (EXPENSE): Other Income Interest Income (Expense) Total Other Income (Expense) Net Loss Net Loss per share, Basic and Diluted Weighted-average shares outstanding, Basic & Diluted THREE MONTHS ENDED DEC. 31 2020 10,806 27,747 38,553 (38,553) 77 239 316 (38,237) (0.23) 165,968,111 2019 1,530 5,593 7,122 (7,122) (1) (1) (7,123) (0.10) 68,279,182 YEAR ENDED DECEMBER 31, 2020 28,787 73,694 102,481 (102,481) 2,627 (703) 1,924 (100,557) (1.04) 96,715,703 RIDE WITH LORDSTOWN. PERIOD FROM APRIL 30, 2019 TO DECEMBER 31, 2019 4,526 5,865 10,391 (10,391) (10,391) (0.15) 68,279,182 22#23Financial CONSOLIDATED BALANCE SHEETS (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) CURRENT ASSETS: Cash and Cash Equivalents Accounts Receivable Prepaid Expenses and Other Current Assets Total Current Assets Property and Equipment, net Intangible Assets Total Assets: AS OF DEC. 31 2020 $29,761 21 24,663 654,445 101,663 11,111 767,219 2019 ,159 2,159 20,276 11,111 33,546 CURRENT LIABILITIES: Accounts Payable Accrued Expenses & Other Current Liabilities Due to related party Related Party Notes Payable Total Current Liabilities Notes Payable Total Liabilities STOCKHOLDERS EQUITY: Common Stock Additional Paid-In Capital Accumulated Deficit Total Stockholders equity (Deficit) Total Liabilities & Equity AS OF DEC. 31 2020 32,536 1,538 34,074 1,015 35,089 RIDE WITH LORDSTOWN. 17 843,061 (110,948) 732,130 767, 219 2019 1,802 415 2,631 20,142 24,990 24,990 7 18,940 (10,391) 8,556 33,546 23#24Summary Endurance late September 2021 Baja Validation April 2021 Lordstown Next Vehicle - Van Expanding Production Capacity Aggressive Timeline 60,000 Vehicle Capacity RIDE WITH LORDSTOWN 24#25Us "Our goal is to build the best electric pickup truck in the world." - Steve Burns Work for it. RIDE WITH LORDSTOWN#26LORDSTOWN. Lordstown Motors Corporation 4Q20 & 2020 Earnings Call March 17, 2021 For investor relations contact: [email protected] For media inquiries contact: [email protected] © Copyright Lordstown Motors Corp. 2021 #RIDEWITHLORDSTOWN @LORDSTOWNMOTORS fo in