#1CAPITAL MARKETS DAY MARCH 2022 NIKOLA#22 1 PAGE VTOMIN Forward-Looking Statements This presentation includes certain statements that are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "planned," "predict," "potential," "seem," "seek," "target," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to: market opportunity and expectations; statements relating to our future performance, including estimates and forecasts of financial and performance metrics; manufacturing capacity at our facilities; our proposed hydrogen fueling ecosystem structure and the anticipated benefits thereof, including our mobile charging and fueling stations; timing of revenue generation, expected delivery of our trucks, prototyping and vehicle testing, volume production, as well as other milestones; expected performance levels and specifications of our trucks; terms and potential benefits of planned or future collaborations with strategic partners; our planned dealer and service network, including geographical coverage and expected warranty; our beliefs with respect to component level challenges and any potential impact on our business; expected customer engagements; potential value of regulatory incentives; future capital expenditures; and our business model and related assumptions. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward looking statements are subject to a number of risks and uncertainties, including: the failure to realize the anticipated benefits of planned collaborations or to enter into definitive documentation related thereto; design and manufacturing changes and delays; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19, including disruptions to our supply chain, employees, operations, sales and overall market conditions; component shortages and supply chain constraints; demand for and customer acceptance of our trucks; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of our business and the timing of expected milestones; the effect of competition on our business; customer satisfaction with our trucks; the level of customer orders and our ability to deliver trucks to meet orders; the outcome of legal, regulatory and judicial proceedings to which we are, or may become a party; the availability of capital; our stock price and general stock market volatility; the impact of political and economic instability and geopolitical tensions, including outbreak of hostilities, wars, or other acts of aggression, such as the current conflict in Ukraine, terrorism and political unrest, boycotts, curtailment of trade, government sanctions and other business restrictions; and the factors, risks and uncertainties garding our business described in the "Risk Factors" section of our annual report on Form 10-K for the year ended December 31, 2021, as amended, filed with the SEC in addition to our subsequent filings with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we presently not know or that we currently believe is immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this presentation. We anticipate that subsequent events and developments will cause these assessments to change. We disclaim any obligation to update these forward-looking statements in the future. These forward-looking statements speak only as of the date hereof and should not be relied upon as representing our assessments as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Trademarks Nikola and the Nikola logo are trademarks of Nikola Corporation. All other trademarks and service marks are the property of their respective owners. Copyright © 2022 Nikola Corporation#33 / PAGE VTOMIN SECTION PRESENTERS MARK RUSSELL CHIEF EXECUTIVE OFFICER • ● ● SANOLA Over 20 years of experience building and managing companies in the manufacturing industry Served as president and COO of Worthington Industries (NYSE:WOR) Previously, served as General Manager of Engineered Aerospace Products at Alcoa Corp. (NYSE:AA) Education: BS from Weber State University and JD from Brigham Young University KIM BRADY CHIEF FINANCIAL OFFICER Over 20 years of experience in principle investments, private equity, investment banking, corporate restructuring, and operational performance improvements Served as Partner and Sr. Managing Director at Solic Capital Previously, served as CFO and General Manager for various companies in manufacturing, business services, and healthcare Education: BS from Brigham Young University and MBA from Northwestern's Kellogg Graduate School of Management#44 PAGE VTOMIN TRANSPARENCY NIKOLA QUALITY OUR VALUES COLLABORATION HUMILITY SAFETY DRIVE FORWARD MOVE FAST WORK OUTWARD ACT AS OWNERS We WORK OUTWARD by considering the impact our efforts have on each other, our partners, and our customers#55 1 PAGE VTOMIN TABLE OF CONTENTS 01 COMPANY INTRODUCTION 02 TRUCK PORTFOLIO BEV FCEV 03 04 H₂ FUELING ECOSYSTEM 05 COMMERCIAL STRATEGY 06 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH MANUFACTURING REGULATORY NIKOLA.#69 1 PAGE VTOMIN SUMMARY OF KEY VALUE DRIVERS CLASS 8 TRUCKS + H₂ FUELING ECOSYSTEM TOE TRE BEV PRODUCTION AJONIM TREFCEV Nikola Energy Supply & Trading (ES&T) NEXT GEN T DISPENSING 1) Expected assembly line capacity Coolidge, AZ, facility running 2 shifts 2) Plant capacity only. Actual truck production expected to be 300 - 500 units in 2022 due to parts shortage LARGE TAM ADDRESSED BY DIFFERENTIATED BUSINESS MODEL $600B global TAM addressed by "bundled lease" offering of FCEV trucks, hydrogen fuel, and truck services Compelling product offerings of BEV and FCEV trucks to address short-haul and medium-haul applications STRONG STRATEGIC PARTNERSHIPS Strategic partners with industry leaders to help drive execution and increase speed to market Expansive strategic partnerships span the entire truck and hydrogen ecosystem MARKET-LEADING PRODUCTS BEV and FCEV product offerings address the short, medium, and long-haul segments of class 8 trucks Expected category-leading vehicles specifications and performance for BEV and FCEV CAPITAL EFFICIENT HYDROGEN ECOSYSTEM STRATEGY Partnership model enables Nikola to achieve asset-light and capital-efficient H₂ infrastructure development while preserving and optimizing value creation and profit margin Nikola's FCEV fuel demand provides a catalyst for investment from strategic and financial partners, reducing the equity requirements from parent co. for H₂ ecosystem buildout ROBUST MANUFACTURING CAPACITY Manufacturing capacity for up to ~2,400 trucks by Q1 2022 and ~20,000 trucks by Q1 2023 in Coolidge, AZ(1) Start of BEV truck series production commenced MAR 21, 2022 (Coolidge, AZ) PATH TO MEANINGFUL REVENUE GENERATION EXPECTED IN 2H 2022 Expect to deliver 300 - 500 BEV trucks largely in 2H 2022, when critical components become more available(2) Backlogs of LOIs, MOUS, and POs expected to increase as Nikola produces and delivers production Tre BEVs in 2022 and into 2023 ●#77 1 PAGE VTOMIN RECENT SUCCESSES Nikola continues to execute on stated goals, building toward a zero-emission future STRONG CUSTOMER MOMENTUM High-profile customer wins with leading truck fleet operators Up to 425 Tre BEV and up to 1,010 Tre FCEV trucks under LOI/ MoU / PO STRENGTHENED MANAGEMENT CUSTOMER FLEET PILOT TESTING Successful deliveries of test units for on-road milage accumulation BEV (TTSI) o FCEV (Anheuser-Busch) Michael Lohscheller joined as President of Nikola Motor division Lynn Forester de Rothschild joined as independent director O & O START OF PRODUCTION 40 pre-series truck builds Start of production commenced Mar 21, 2022 RECENT EXECUTIONAL MILESTONES EXPANDED PARTNER ECOSYSTEM Secured key strategic partnerships (TC Energy, TA, Opal Fuels) Expanded dealer and service networks CONCLUDED SEC INVESTIGATION SEC settlement of $125 million civil penalty, payable in five installments over two years#88 PAGE VTOMIN INTRODUCTION: WE ARE NIKOLA NIKOLA'S VISION: Be the leader in zero-emission commercial transportation, by building and managing the next generation truck and fueling ecosystem COMPANY OVERVIEW Founded in 2015 Headquartered in Phoenix, AZ • As of March 2022,-1,012 employees • +$1.8B of capital raised to-date(1) ● Business combination completed with VectolQ and listed on NASDAQ in June 2020 TRE BEV CLASS 8 TRUCKS AJONIM TREFCEV NEXT GEN + 1) Does not include undrawn value of equity line of credits (ELOCs) with Tumim Stone Capital LLC. As of Feb 2022 $409M remains undrawn on ELOCS STRATEGIC PARTNERS OPAL aps TA OGE FUELS RIG360 SERVICE NETWORK BOSCH CNH/IVECO A INDUSTRIAL AB InBev ALTA EQUIPMENT COMPANY PRODUCTION H₂ FUELING ECOSYSTEM TC Energy QUINN CAT 0000 Hanwha Nikola Energy Supply & Trading (ES&T) "Supply Co." π DISPENSING#9PAG V1OXIN DIFFERENTIATED BUSINESS MODEL Unlike many competitors, Nikola intends to capture revenue throughout the entire commercial transport ecosystem ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE GLOBAL MARKET OPPORTUNITY (1) ~$600B TAM GLOBAL COMMERCIAL TRANSPORT ECOSYSTEM ~7M Trucks in Service a $118B TAM (1) GLOBAL CLASS 8 TRUCKS BEV Sales directly to customers (2) FCEV Sales via bundled lease (2) 1) 2) Company estimates; subject to change Based on proprietary research from ACT Research NORTH AMERICA: $128B TAM FUEL SERVICE TRUCK TOOL ☹ $367B TAM(1) HYDROGEN FUEL ~$36B Sales to FCEV bundled lease customers (2) Sales to 3rd party customers Other commercial vehicles Passenger vehicles O ~$63B • ویر ~$29B $112B TAM (1) GLOBAL CLASS 8 TRUCK SERVICE Nikola bundled lease customers (2) 3rd party BEV or FCEV customers 3) 4) 5) 6) FCEV BUNDLED LEASE Illustrative - actuals may vary Opportunity for Nikola to capture significantly more revenue per unit sold compared to traditional model TRADITIONAL MODEL (3) VEHICLE (4) VOLVO PACCAR DAIMLER ~$231K FUEL (5) Chevron ExxonMobil ~$413K SERVICE (6) Ryder PENSKE ~$105K - $749,000 Fragmented value stream VS. NIKOLA MODEL VEHICLE N FUEL N SERVICE N - 100% of value to Nikola and Partners Estimated Total Cost of Ownership for traditional model in 2022 based on 7 years ownership Represents cost of $170k ICE truck financed over 7-years or 700k miles Based on DOE weekly avg. US diesel price for Jan - Mar 2022 x fuel efficiency of 6.7mpg x 700k miles Assumes $0.17/mile over 700k miles (per ATRI cost of trucking 2021)#1010 / PAGE VTOMIN STRONG STRATEGIC PARTNER ECOSYSTEM Nikola's vision to decarbonize heavy-duty transportation is supported by a strong network of strategic partners COLLABORATION PHILOSOPHY SINCE FOUNDATION IN 2015 Hanwha Strategic collaboration for H₂ infrastructure services JUL 2018 MAY ABInBev Agreement to provide up to 800 FCEV trucks CNH/IVECO INDUSTRIAL EU JV and North America production alliance DEC First Partnership: BOSCH (2017) APR 2019 (1) OGE Collaboration to leverage OGE's pipeline for H₂ distribution in the EU OAir Liquide aps Rate schedule and ACC reg. approval JAN APR Minimize Execution Risk RIG360 SERVICE NETWORK TA Collaboration to rollout nation's first commercial H₂ heavy-duty fueling station(s) Sales and services at dealer locations announced totaling 105+ sales and service centers nationwide APR 2020 ALTA EQUIPMENT COMPANY Improve Speed to Market Expansion to dealer network for Class 8 truck sales and service coverage I SEP AUG BOSCH Assembly and utilization of fuel-cell power modules using technology licensed from Bosch 2021 HYDROGEN HEAVY-DUTY VEHICLE INDUSTRY GROUP TOYOTA Signed agreement to industrialize global standard in hydrogen equipment QUINN CAT Continued expansion of Class 8 truck sales and service coverage SEP HYUNDAI nel NNEXTENERGY SEP OPAL FUELS Co-develop and construct hydrogen fueling stations and related infrastructure Reduce overall CAPEX / OpEx required to execute NIKOLA™ TC Energy Development, construction, ownership and / or operation of large-scale clean hydrogen hubs OCT 2022 JAN corcentric Agreement to facilitate sales OF BEV and FECV#111 1 / PAGE V1OXIN NIKOLA'S MANAGEMENT TEAM MICHAEL ERICKSON Global Head, BEV POLARIS CLASS 8 TRUCKS Honeywell MANUFACTURING PRODUCTS MARK DUCHESNE Global Head, Manufacturing TOYOTA TESLA MO WAZIR Global Head, Product Development gm STEVE GIRKSY Chairman of The Board gm EXECUTIVE TEAM SUPPLY CHAIN HARVARD BUSINESS SCHOOL MICHAEL LOHSCHELLER President, Nikola Motor OPEL JASON ROYCHT Global Head, FCEV BOSCH BRUNA CHIOSINI Head, Supply Chain and Logistics 7F MERITOR MARK RUSSELL CEO BYU LAW A WORTHINGTON INDUSTRIES ALCOA + KIM BRADY Chief Financial Officer OLIC S Kellogg NAVIGANT H₂ FUELING ECOSYSTEM PABLO KOZINER President, Energy & Commercial CVS CAREMARK CATERPILLARⓇ ENERGY FINANCE PAUL HASTINGS CAREY MENDES Group Head ENERGY SUPPLY & TRADING ERIK MASON Group Head bp RBC bp COMMERCIAL MARK KEITH Global Head Solar Turbines TECH. & PRODUCT DEVELOPMENT DONGHUI ZHANG Group Head Solar Turbines American Airlines PROJECT DEV. & OPERATIONS RYAN MCGEACHIE Group Head bp encana#122 PAGE VTOMIN THE NIKOLA TRE EVOLUTION Leveraging the IVECO S-WAY has increased speed to market for Nikola's BEV and FCEV Tre programs IVECO S-WAY IVECO LAUNCHED JAN 2019 ● ● IVECO Driver-centric design Europe focused NIKOLA TRE: BEV EXP. COMMERCIAL DELIVERIES: Q2 2022 PRE-SERIES DEMO DELIVERY: Q4 2021 (TTSI) ● ● ● Redesigned cab Platform Electrification (BEV) Up to 350-mile zero-emission range NIKOLA TRE: FCEV EXP. COMMERCIAL DELIVERIES: Q4 2023 NIKOLA ALPHA-SERIES DEMO DELIVERY: Q1 2022 (AB) Leverages existing Nikola Tre platform Fuel-Cell integration (FCEV) Up to 500-mile zero-emission range SPECIFICATIONS SUBJECT TO CHANGE#13ει PAGE V1OXIN NIKOLA'S TRUCK PRODUCTS Nikola is building strong momentum from recent customer wins that provide visibility into a pipeline for 2022 and beyond(¹) TTSI TRI-EAGLE SALES HPA Hamburg Port Authority TREBEV Covenant 30 (4) (LOI) 10 (Order) 25 (MOU) 10 (4) (LOI) Successful demos Trucks to dealers HVIP Activation (2) Charging solutions UP TO 425 HENIFF TRANSPORTATION SYSTEMS, LLC SAIA EX USA TRUCK Wegmans 1) Subject to execution of definitive agreements or POs, and ability to deliver trucks; subject to order cancellation 2) HVIP has 100 unit per OEM limit + exemption for up to 50 drayage trucks (total 150) 100 (4) (LOI) 100 (4) (LOI) 100 (LOI) 50 (3) (LOI) TREFCEV Covenant The Proud Professionals INC. TRUCKING 40 (LOI) 100 (4) (LOI) Defined regional priorities Key region fueling plans Successful demos UP TO 1,010 TTSI EV Anheuser-Busch 70 (4) (LOI) 800 (3) (Contract) 3) AB order for up to 800 FCEVS; subject to satisfaction of delivery timelines and vehicle specifications 4) LOls based on satisfactory completion of the vehicle trials / demonstration programs#14DL PAGE VTOMIN H2 H₂ FUELING ECOSYSTEM (1) Leverage strategic and financial partners to help fund the development of infrastructure (production and dispensing), while capturing value and optimizing margin due to Nikola's asset-light and capital-efficient approach N NIKOLA 1) PRODUCTION BUILD H₂ PRODUCTION PROCURE OTHER H₂ SUPPLY NIKOLA + 1) Planned STRATEGIC & FINANCIAL PARTNERS TC Energy WV RESOURCES aps H₂ FUELING ECOSYSTEM 2) Nikola Energy Supply & Trading (ES&T) "Supply Co." ENERGY OPTIMIZATION 0000 LOGISTICS & DISTRIBUTION ENERGY TRADING OWNED/CONTROLLED BY NIKOLA CONTROL H₂ MOLECULE THROUGHOUT ECOSYSTEM 3) DISPENSING BUILD STATIONS F SELL H₂ TO NIKOLA + OTHER CUSTOMERS NIKOLA + STRATEGIC & FINANCIAL PARTNERS OPAL TA FUELS#1515 PAGE VTOMIN BEV OVERVIEW 01 02 COMPANY INTRODUCTION TRUCK PORTFOLIO BEV FCEV 03 MANUFACTURING 04 05 06 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY REGULATORY 01 02 03 TECHNOLOGY 04 BEV OVERVIEW VALUE PROPOSITION PROGRAM STATUS#1616 PAGE VTOMIN SECTION PRESENTERS MICHAEL ERICKSON GLOBAL HEAD, BEV ● ● Nearly 30 years of experience in energy and durable goods & transportation; leading and growing manufacturing, and distribution businesses Joined Nikola as president of Powersports from 2018 - 2020 Previously served as VP and General Manager of Lubrication Technologies Spent most of his career working for Honeywell (NYSE:HON) and Polaris Industries (NYSE:PII) Education: BS in Energy Management | Finance from Minnesota State University, Moorhead LYNDON LIE GLOBAL CHIEF ENGINEER, BEV ● ● ● Over 30 years of experience of design and engineering of cars and light trucks Previously VP of Engineering and Technology at TPI Composites Spent 28 years at GM, left as the Global Chief Engineer for the Cadillac CT6 Education: BSEE from Oakland University | Exec MBA from Michigan State University#171 7 PAGE VTOMIN BEV OVERVIEW State-of-the-art BEV trucks serve the short-to-medium haul needs of customers throughout the US and EU TREBEV Sales Model Expected Deliveries Use Case Estimated Range Anticipated Charge Time Nikola Advantage 1) Actual range will vary and depend on speed, temperature, topography, and payload 2) Represents expected ~80% state-of-charge (SOC) via a 350kW charger or ~200 minutes via a 175kW charger jo TRE (US) Q2 2022 Direct Sales Short-Medium haul routes Return to Base Applications Up to 350 miles(1) ~ 100 minutes(2) TRE (EU) Q3 2023 Early Mover Advantage, Range Expected to be among the first commercially available zero-emission trucks to market SPECIFICATIONS SUBJECT TO CHANGE#1818 PAGE V1OXIN BEV OVERVIEW TRUCKS & KEY SPECS USE CASE CUSTOMER DEMOS ● EXP. DELIVERIES 2022 300-500 TTSI JANUARY 2022 Covenant Transport TREBEV Metro-regional, return to base applications (i.e. inner city, drayage, etc.) Extended range allows for continuous operations (slip seating) on local routes or regional hauls with average range of 300 miles on a single charge MARCH 2022 Purpose-Built Electrified Platform Up to 350(1) Mile Range 480kW/645HP Continuous ~100 Minutes Charge Time(2) SALA APRIL 2022(3) 1) Actual range will vary and depend on speed, temperature, topography, and payload 2) Represents expected ~80% state-of-charge (SOC) via a 350kW charger or ~200 minutes via a 175kW charger 3) Expected; subject to change HPA Hamburg Port Authority JUNE 2022(3) 7+ TO BE ANNOUNCED EXP. Q2 2022 ✓ ILLUSTRATIVE TIMELINE Q3 2021. Coolidge & Ulm production trials begin ✓ Q1 2022 • Coolidge production begins End of 2022. Deliver 300-500 Tre BEVS to customers Full Year 2023. Ramp up production 2021 2022(3) First pre-series truck customer deliveries ✓Q4 2021 • Q2 2022 First production truck customer deliveries 2023(3) • Q2 2023 Ulm production begins SPECIFICATIONS SUBJECT TO CHANGE#1919 PAGE VTOMIN VALUE PROPOSITION Zero-emissions class 8 truck trusted to safely deliver goods with class-leading power & range, and an enhanced driver experience Modular(1) Battery with up to 350-mile range 480kW/645HP Continuous Maintenance & fuel cost savings for better TCO 1) Scalable battery pack configuration to support multiple product variants and applications BITCH Cabover design for visibility and maneuverability NOUANNACH Proven, safe, and reliable platform Advanced driver interface tech and connectivity SPECIFICATIONS SUBJECT TO CHANGE#2020 PAGE V1OXIN COMPETITIVE LANDSCAPE COMPETITION AVG. 200 MILES (1) DAY CAB MARKET(2) ~95k units annually TREBEV UP TO 350 MILES 78% - REGIONAL Avg. ~300-320 daily miles 22% - LOCAL Avg. ~150-200 daily miles NIKOLA'S RANGE IS KEY DIFFERENTIATOR Tre BEV's longer range enables Nikola serve a greater portion of the day cab market 1) Estimated; subject to change. Average of competitor tractors that qualify for California HVIP as of Mar 23, 2022, and 300-mile Tesla Semi 2) Source: ACT Research#2121 PAGE VTOMIN TRE BEV PURPOSE-BUILT ELECTRIFIED PLATFORM POWER ELECTRONICS DC-DC converters HV distribution modules Thermal controls/pumps Electronic air compressor electrohydraulic steering Electronic park brake control PRINSE BATTERY PACKS (9) E-AXLE HV INVERTER (2)#2222 PAGE VTOMIN TRE BEV COMMISSIONING AND DELIVERIES 1) As of March 21, 2022. TRE BEV PROGRAM STATUS(1) 40 PRE-SERIES TRE BEVS 18 have been completed and delivered to date 22 awaiting final checks and commissioning before delivery Tre BEV start of production (SOP) began 3/21/22#232 3 PAGE VTOMIN TRE BEV PILOT TESTING AGRE CL17877 F152330083 7 4604-KW EITU 1519904 45G1 GROSS 500 KG 1850 LB TARE NET CUBE O 20 LB 8680 XC 230 L3 764 COM 墨 NIKOLA TTSI Began trials with TTSI on 12/17/21 Two (2) Tre BEVs delivered ● ● ● Driver Feedback ● ● TRE BEV Trucks have logged over 4,500 combined miles Achieved 98% total uptime Completed a 204-mile trip on a single charge, the longest range recorded by any BEV that TTSI has tested in their fleet Cab roominess Great turning radius High visibility Ride is smooth and quiet Strong power and torque#2424 PAGE V1OXIN TRE BEV PRODUCT LIFECYCLE START OF PRODUCTION COMMENCED MAR 21, 2022 BATTERY CELLS MODULES, BMS CHIPS, AND PACKS (1) NIKOLA 1) Includes secondary source battery packs expected late Q4 2022 PRIMARY GATING ITEMS Suppler allocation to support up to ~500 trucks builds in 2022 Ⓡ Supplier allocations support up to 300 - 500 truck builds in 2022 SHIPPING Fulfill customer orders. exp. first production deliveries Q2 2022 EXP. DELIVERIES 2022 300-500#25NIKOLA Q&A#2626 1 PAGE VTOMIN FCEV OVERVIEW 01 02 COMPANY INTRODUCTION TRUCK PORTFOLIO BEV FCEV 03 04 H₂ FUELING ECOSYSTEM 05 COMMERCIAL STRATEGY 06 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH MANUFACTURING REGULATORY 01 02 03 04 05 PROGRAM STATUS ALPHA PROTOTYPE STATUS ALPHA PILOT TESTING VALUE PROPOSITION TECHNOLOGY#2727 PAGE VTOMIN SECTION PRESENTERS JASON ROYCHT GLOBAL HEAD, FCEV ● ● ● 23 years of engineering / business expertise at Bosch in various leadership positions in the US and Germany in automotive technical business development Recognized by Automotive News as a rising star in 2018 for his efforts in the transformation of Bosch's Commercial Vehicle business Joined Nikola as VP of Technology Development and Strategy in Q4 2019 after leading Bosch's investment rounds and strategic partnership with Nikola Education: Bachelor of Science in Mechanical Engineering from Kettering University CHRISTIAN APPEL GLOBAL CHIEF ENGINEER, FCEV ● ● 13 years of experience in various engineering and engineering management roles at Bosch and Deutsche ACCUMOTIVE (Daimler) Customer Chief Engineer at Bosch from 2017 to 2020 Has held various other positions at Bosch including Sr. Manager and Sr. Technical Expert Powertrain Systems Education: German Diploma (equivalent to Master of Science) from University of Stuttgart#2828 / PAGE VTOMIN TRE FCEV ALPHA PROTOTYPE PHASE Global R&D effort | Parallel Engineering with key partners A DESIGN AND BUILD OF FC1-2 2021 Q1 2021 Q2 Unveiling Sept. 2021 Ulm, Germany 2021 Q3 BUILD FC3-7 VEHICLE TESTING (EU) NIKOLA 2021 Q4 2022 Q1 + VEHICLE TESTING (AZ, MI, ETC) "That's a lot further along than I'd normally expect to see. This does not look like an alpha vehicle ... this is almost like a pre-production vehicle... Tesla and Nikola are the only two that I think have got a good idea of what the future needs." - Sandy Munro, CEO - Munro & Associates, Inc.#2929 / PAGE VTOMIN TRE FCEV PILOT TESTING ANHEUSER-BUSCH PILOT Start of pilot on Jan 25th, 2022 with two (2) Tre FCEV Alpha Trucks: Kick-off pilot: trucks completed a 350-mile journey on one fueling Nikola HQ (Phoenix, AZ) to AB distribution center (Ontario, CA) The trucks are placed into daily service within AB's Southern California distribution network supporting the Van Nuys brewery for a duration of 90 days The target of the pilot is to demonstrate technology readiness and obtain real world design feedback with drivers and the logistics team As of March 23, the FCEVs have accumulated ~8,000 combined miles and hauled over 1.5 million lbs of product ● -Busch BUT LIGH resery NICLA An Biagi FREE Boa NAPACA AL17916 Bingi TREM Anheuser-Busch DE Budweiser H₂ NIKOLA OR beureu#3030 PAGE VTOMIN TRE FCEV ALPHA PILOTS 101 節目 PAYLOAD Highest customer shipment GCVW 81,780 lbs 2022 FCEV PILOT TIMELINE Pilots with FC1, 6, and 7 PILOT 1 AB - Los Angeles Q1 2022 PILOT 2 TTSI - Port of LA MILES Pilots will continue operations to achieve a total of 50k customer road miles by year end Q2 2022 PILOT ROAD DATA Location: CA ADD'L PILOTS To be announced SoCal and others Q3 2022 Q4 2022 Continued testing & development with FC2-5 MOBILE FUELING Mobile fueling solutions → convenient fueling at designated pilot locations 2023 UP TIME >90% combined up time (09 ←#3131 PAGE V1OXIN FCEV VALUE PROPOSITION LEVERAGING THE TRE PLATFORM FOR FUEL CELL ELECTRIC 480kW/645HP Continuous Maintenance & fuel cost savings for better TCO Cabover design for comfort and maneuverability 1) Up to 500 miles (1) for longer range / dual shift regional operations 2) Refueling times and locations comparable to diesel 3) Higher freight hauling vs. other ZEVS 4) Low net CI wheel-to-well vs. diesel 1) Actual range will vary and depends on speed, temperature, topography and payload KEY ADVANTAGES 5) Battery & Fuel Cell operation optimizes efficiency / durability 6) Purpose-Built Electrified Platform w/ integrated Fuel Cell and storage 7) Zero tailpipe emission, exhaust product of H₂ is water vapor 8) Nikola → to create H₂ infrastructure for FCEV customers 9) H₂ fuel prices more predictable and stable compared to diesel ✓ Proven, safe, and reliable platform Advanced driver interface tech and connectivity#3232 PAGE V1OXIN TRE FCEV HYDROGEN FUEL CELL DRIVETRAIN Alpha Fuel Cell Prototype(¹1) ||||| Image via Robert Bosch FUEL CELL POWER UNITS 2x 100kW Net Main men ʌэн 1) Components shown are for prototypes and/or illustrative purposes only and may not represent production intent BATTERY PACKS 2X 70kWh Usable H₂ TANKS 3x Backpack Tanks 2x Saddle Tanks Nominal Working Pressure 700 bar Type 4 Composite E-AXLE (Power: 480 kW Continuous) SPECIFICATIONS SUBJECT TO CHANGE#33εε PAGE VTOMIN TRE FCEV TIMING TO MARKET(1) ALPHA BUILDS Alpha Validation Alpha Demos 2021 Global R&D effort, Parallel engineering with key partners Leverage maturity of Tre BEV platform for Tre FCEV Alpha testing Tre FCEV Alphas Feedback incorporated into Tre FCEV Beta phase Beta builds begin in Coolidge & Ulm Beta Validation 2022 1) Milestones based on management projections, subject to change - Beta Mileage Fleet Gamma Builds Begin Gamma Demos Pre-series production begins 2023 - BO Customer Launch @ NIKOLA Start of production Coolidge Dealer/Customer Delivery Fam BETA BUILDS AND BEYOND Cab with improved aerodynamics and thermal management Light weighting of cab/chassis Optimized Fuel Cell Power Modules (FCPMs) Updated controls and HMI NILFIA 60 Start of production Ulm EXT 2024#343 4 PAGE VTOMIN NIKOLA VEHICLE MASTER PLAN Continue to leverage, innovate, and execute MICH 2022 N TRE BEV SHORT-MEDIUM-HAUL UP TO 350 MILE RANGE TRE LAUNCH PLATFORM NIKOLA 2023 OTREFFCEV MEDIUM-HAUL UP TO 500 MILE RANGE IMPROVED AERO FUEL CELL DRIVETRAIN WEIGHT REDUCTION H₂ INFRASTRUCTURE 2 N2 2025 NEXT GEN NIKOLA LONG-HAUL/SLEEPER UP TO 900 MILE RANGE CONTINUE PLATFORM NIKOLA EVOLUTION SPECIFICATIONS SUBJECT TO CHANGE#35NIKOLA Q&A#3636 PAGE VTOMIN MANUFACTURING OVERVIEW 01 COMPANY INTRODUCTION 02 TRUCK PORTFOLIO BEV FCEV 03 04 05 06 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH MANUFACTURING H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY REGULATORY 01 OVERVIEW 02 03 04 COOLIDGE ULM ADAPTIVE MANUFACTURING#3737 PAGE VTOMIN SECTION PRESENTER MARK DUCHESNE GLOBAL HEAD, MANUFACTURING Over 30 years of automotive manufacturing and management experience Oversaw production and volume ramp of Tesla's Model S and Model X#3838 PAGE V1OXIN MANUFACTURING OVERVIEW BACKGROUND PURPOSE ANNUAL PRODUCTION CAPACITY (1) START OF PRODUCTION NIKOLA HQ (Phoenix, AZ) MANUFACTURING FACILITY (Coolidge, AZ) COOLIDGE, ARIZONA ~50 miles Nikola's 400+ acre greenfield manufacturing facility One line capable of producing both, BEV and FCEV for North American market (2) Up to ~45,000 Total Capacity BEV/FCEV Units Commenced March 21, 2022 (Nikola Tre BEV for North America) AND ULM, GERMANY Repurposed existing IVECO facility to manufacture Nikola vehicles One line capable of producing both, BEV and FCEV for EU market (2) Up to 10,000+ BEV / FCEV Units Expected June 2023 (Nikola Tre BEV for European Market) 1) Maximum production capacity based on utilizing two 8-hour shifts in Phase 3; production and capacity targets are estimates and are subject to change. Product mix may be adjusted as necessary based on product demand 2) Nikola's modular manufacturing process is adaptable to meet customer demands, regardless of product type. Manufacturing overlap consists of components overlap (chassis, inverters, braking, human-machine interface, eAxles, steering, interior design, electrical systems) as well as process overlap (assembly production line, warehousing, welding/painting, administration office)#3939 / PAGE VTOMIN COOLIDGE MANUFACTURING OVERVIEW FACILITY PROGRESS JULY 2020 NIKON Groundbreaking ceremony NIKOLA HQ (Phoenix, AZ) ~50 miles\ MANUFACTURING FACILITY (Coolidge, AZ) EST. TIMELINE (1) PLANT CAPACITY (# of trucks) PHASE BREAKDOWN DECEMBER 2020 Install first steel columns COMPLETED JULY 2021 PHASE 0.5 ~1,200 Pilot line, core facilities and buildings JULY 2021 1) Estimated; subject to change 2) Inclusion of paint and weld facilities subject to final make vs. buy decision Core facilities, assembly, and test road installed ✓ Greenfield facility to support BEV and FCEV truck manufacturing ✓ Fuel-cell power module assembly expected by 2023 in support of the initial Tre FCEV production Bosch will provide key components for fuel-cell power module assembly COMPLETED MARCH 2022 PHASE 1.0 NOVEMBER 2021 ~2,400 Main assembly hall expansions Assembly expansion area started Q1 2023 PHASE 2.0 ~20,000 FEBRUARY 2022 Introduction of cab assembly process line Assembly expansion area completed 2024 PHASE 3.0 Milestone Completed ~45,000 Addition of weld and paint buildings/infrastructure (2)#4040 PAGE VTOMIN ULM MANUFACTURING OVERVIEW FACILITY OVERVIEW Nikola's joint venture with Iveco offers access to its state-of-the-art manufacturing facility located in Ulm, Germany ✓ Minimum expected capital commitment Expected capacity of 2,000 units per year with opportunity to expand to 10,000 per year with existing footprint NIKOLA" Official Inauguration (Sep 2021) NYKULS US BEV Pre-Series Builds (Jun 2021) Iveco's Ulm, Germany, facility offers Nikola prime access to serve EU market#414 1 / PAGE VTOMIN NIKOLA'S ADAPTIVE MANUFACTURING Nikola's modular manufacturing process is adaptable to meet customer demands, regardless of product type ● ● Overall Plant Capacity (Coolidge): Up to ~45,000 vehicle per annum Products: BEV & FCEV COMPONENTS OVERLAP Chassis Braking eAxles Interior Design Inverters Human-Machine Interface (HMI) Warehousing Steering Electrical Systems PROCESSES OVERLAP Assembly Production Line Welding / Painting Administration Office + ~60-65% Manufacturing Overlap + BATTERY 4 FUEL CELL = NIKOLA TRE BEV 00 TREFCEV#42NIKOLA Q&A#43NIKOLA BREAK#444 4 PAGE VTOMIN ENERGY ECOSYSTEM OVERVIEW 01 02 03 COMPANY INTRODUCTION TRUCK PORTFOLIO BEV FCEV MANUFACTURING 04 05 06 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY REGULATORY 01 02 03 04 ECOSYSTEM OVERVIEW BUSINESS ACTIVITIES PRODUCTION/INCENTIVES DISTRIBUTION DISPENSING / INCENTIVES NIKOLA SUPPLY CO. TCO DRIVERS#454 5 PAGE VTOMIN SECTION PRESENTERS PABLO KOZINER PRESIDENT, NIKOLA ENERGY AND COMMERCIAL Over 20 years of experience building and managing companies in the construction and energy industry Served as President at Solar Turbines from 2015- 2019 Previously served as Vice President / Regional Manager of Caterpillar Inc. from 2011 to 2014 Education: BA from Boston College and JD from Boston College Law CAREY MENDES GROUP HEAD, ENERGY FINANCE ● ● ● ● Over 20 years of experience in banking, finance and energy supply & trading Served as Head of BP's North American Energy Supply & Trading business, Global leadership for the BP Low Carbon trading business Chief Risk Officer for BP's Integrated Supply & Trading unit Education: BA, MBA from University of Calgary and CFA Charter Holder ERIK MASON GLOBAL HEAD, ENERGY SUPPLY AND TRADING ● ● ● ● Over 20 years of experience in banking and energy commodity trading, working across the entire energy complex Served as Managing Director of Global Structured Products for BP Energy Trading, developing large highly structured energy projects and solutions Founding Chairman of Clean Hydrogen Future Coalition Education: BM from University of Lethbridge and CFA Charter holder RYAN MCGEACHIE GLOBAL HEAD, ENERGY INFRASTRUCTURE AND COMMERCIAL OPERATIONS ● ● ● ● Over 20 years of experience in the energy supply and trading industry Served as Global Head of Structured Products Americas for BP Energy Trading Deep experience Power, Natural Gas, and Low carbon markets Education: BCom from University of Calgary and CFA Charter Holder#4646 PAGE VTOMIN NIKOLA ENERGY STRATEGIC DRIVERS HYDROGEN E Safety FCEV TRUCK 3 Competitive H₂ Cost Reliable Supply for Customers Low Carbon Intensity Energy Value Chain Monetization#474 7 PAGE VTOMIN H2 H₂ FUELING ECOSYSTEM (¹) Leverage strategic and financial partners to help fund the development of infrastructure (production and dispensing), while capturing value and optimizing margin due to Nikola's asset-light and capital-efficient approach N NIKOLA 1) PRODUCTION BUILD H₂ PRODUCTION | NIKOLA + 1) Planned PROCURE OTHER H₂ SUPPLY STRATEGIC & FINANCIAL PARTNERS TC Energy WV RESOURCES aps H₂ FUELING ECOSYSTEM 2) Nikola Energy Supply & Trading (ES&T) "Supply Co." ENERGY OPTIMIZATION | 000 LOGISTICS & DISTRIBUTION ENERGY TRADING OWNED/CONTROLLED BY NIKOLA CONTROL H₂ MOLECULE THROUGHOUT ECOSYSTEM 3) DISPENSING BUILD STATIONS F SELL H₂ TO NIKOLA + OTHER CUSTOMERS NIKOLA + STRATEGIC & FINANCIAL PARTNERS OPAL TA FUELS#4848 PAGE VTOMIN HYDROGEN SUPPLY STRATEGY (1) Supply low cost and low Cl hydrogen to our customers with a clear path to net zero by taking a technology-agnostic approach to produce or source hydrogen in every region 1 FIXED INFRASTRUCTURE HUB PRODUCTION Partner with Infrastructure Developers to access low cost of capital to build large scale hydrogen production 1) Planned ROBUST HYDROGEN SUPPLY 3RD PARTY OFFTAKE Opportunistically execute offtake agreements with 3rd party producers to secure low-cost, low carbon-intensity hydrogen 2) SHORT TERM SUPPLY T Execute short term supply agreements with strategic partners to bridge long-term supply and enable spot system balancing, trading and optimization across the growing asset network#4949 PAGE VTOMIN HYDROGEN PRODUCTION (1) Nikola is partnering with strategic and financial partners to help fund H₂ production facilities to support Nikola's Hydrogen demand from FCEV leases • 1) PRODUCTION (²) STRUCTURE & IMPACT NIKOLA + STRATEGIC & FINANCIAL PARTNERS Production assets to be structured as SPV where Nikola owns 0%-50% SPVS to be funded by partners with a lower cost of capital Robust pipeline for projects ideally suited for investment from ESG funds Plans to commence construction of the first H₂ production hub 2H 2022 NIKOLA "Supply Co." 0000 C H₂ PRODUCTION MODELS ain 2) DISTRIBUTION 1) Based on current expectations; subject to change 2) Production assets to be structured as SPV where Nikola owns 0% - 50% of the production entity F HUB-AND-SPOKE OPPORTUNISTIC OFF-TAKE ONSITE H₂ is produced and dispensed onsite 3) DISPENSING ECONOMICS REVENUE - PRODUCTION COST Off-take price to be negotiated with "Supply Co." PRODUCTION Production incentives intended to reside at production entity, serve to offset NKLA offtake price Estimated steady-state MARGIN fixed return of 7-10%#5050 PAGE V1OXIN PRODUCTION INCENTIVES INCENTIVES CURRENT / POTENTIAL Existing and proposed legislation is expected to allow Nikola to capitalize on further value creation 45Q - Qualified Carbon Capture !!!! Existing tax credit of $12-$50/mt of CO₂ captured & sequestered. - Proposals in congress could boost to $175 / mt - current consensus target increase is centering around ~$85 / mt Potential Incentive Value(1): ~$0.07 - $0.52 / kg 1) Based on $12-$85 Credit Value/mt of CO₂ ● Producer Tax Credit (PTC) CO₂e kgs to produce a kg of H₂ At least 0.0 but less than 0.45 At least 0.45 but less than 1.5 At least 1.5 but less than 2.5 At least 2.5 but less than 4 At least 4 and not more than 6 PTC per kg $3.00 $1.002 Potential Incentive Value: ~$0.45 - $3.00/ kg 75¢ 60¢ 45¢ Not currently available - "Build Back Better" bill proposed Up to $3.00/kg H₂ produced Credits dependent on CO₂ emittance per kg H₂ produced#515 1 PAGE VTOMIN HYDROGEN DISTRIBUTION Nikola to partner with distribution partners who have assets and experience in transportation and logistics ● ● ● 1) PRODUCTION AL STRUCTURE & IMPACT NIKOLA + STRATEGIC & FINANCIAL PARTNERS Distribution a pass-through cost, impacts "Supply Co." P&L Reduced capital required by Nikola to execute its business plan Initially per-mile cost to "Supply Co." Over time, Nikola may own/operate distribution assets NIKOLAO "Supply Co." 2) DISTRIBUTION DISTRIBUTION MODELS ROAD Dedicated road trailers, including: Liquid Compressed Gas PIPELINE Leverage existing pipeline infrastructure 3) DISPENSING ECONOMICS REVENUE DISTRIBUTION COST DISTRIBUTION MARGIN Distribution rate per kg / mile negotiated with "Supply Co." Cost per kg of hydrogen distribution Distribution company to achieve rate of return based on capital invested#525 2 PAGE V1OXIN HYDROGEN DISPENSING (1) Nikola plans to partner with both strategic and financial partners to build out dispensing stations to reduce CAPEX and improve speed to market 1) PRODUCTION b STRUCTURE & IMPACT STRATEGIC & FINANCIAL PARTNERS NIKOLA + Partners help offset CAPEX and increase speed to market Modular construction designed to allow for gradual phase-out of diesel pumps at existing fueling lanes (reduces timing risk for station operators) Nikola Bundled Lease brings H₂ DEMAND, "Supply Co." brings station H₂ SUPPLY 1) Based on current expectations; subject to change 2) Nikola plans to own 0% - 100% of any dispensing station SPV Illustrative; subject to change 3) NIKOLA "Supply Co." 2) DISTRIBUTION STATION SPECS(3) ~105-~ 210 4-8+ TPD → ability to support 105- 210+ bundled leases Initial 4-8+ TPD dispensing 4-8+ capacity Modular for expansion flexibility 700 700 bar pressure (~10,000 psi) ~20 min fuel time, similar to diesel ANNOUCNED PARTNERS TA Retail Stations Beta station expected to be operational 1H 2023 - OPAL FUELS Behind the Fence Individual large customers 3) DISPENSING (2) π ECONOMICS REVENUE MOLECULE COST DISPENSING COST DISPENSING MARGIN Nikola bundled-lease customers and other third parties Price of Hydrogen set by "Supply Co." CAPEX and costs of operating dispensing station Shared based on ownership in each individual dispensing SPV#535 3 PAGE V1OXIN DISPENSING INCENTIVES Low Carbon Fuel Standard (LCFS) Credits generated through dispensing fuels produced with low carbon intensity (CI) 1) Depending on Production Technology Used & LCFS Credit Price CURRENT / POSSIBLE Hydrogen Biodiesel Renewable Diesel LOW CARBON FUELS 00⁰° Designed to reduce Cl of transportation fuel pool & increase use of low carbon and renewable alternatives H Bio-methane Potential Incentive Value: ~$0.94-$3.64 / kg(1) Ethanol Electricity Goal to reduce Cl of transport fuel 20% by 2030 Credits can be monetized by credit sales ($125-$200 $/MT LCFS recent range)#545 4 PAGE VTOMIN NIKOLA "SUPPLY CO." ILLUSTRATED ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE H₂ PRODUCTION SPV's AL CUSTOMER May refuel at any station in Nikola network VO Nikola Energy Supply & Trading (ES&T) "Supply Co." PROCURES from any number of production facilities 0000 SELLS into any number of dispensing stations Nikola Responsible for DISTRIBUTION Nikola H₂ Margin comes via "Supply Co" # of H₂ kgs x margin per kg H₂ H₂ H₂ H₂ DISPENSING SPV's ㅜㅜ ㅜㅜ ㅜㅜ#5555 PAGE VTOMIN HYDROGEN MARKET DRIVERS $6.26 AZ Hub $6.04 Illustrative, as of March 2022(1) $4.78 $5.19 $4.87 $4.65 $5.26 $5.34 $4.94 WVR Hub Regional Diesel Pricing ENTRY & EXPANSION DRIVERS TCO competitive with diesel Favorable production economics in region. Supportive government legislation High customer density Ability to leverage existing infrastructure ● ● ● ● ● 1) PADD - "Petroleum Administration for Defense Districts"; Source: US Energy Information Administration ("EIA") Form EIA-888; US Diesel Prices - https://gasprices.aaa.com/state-gas-price-averages/as of 21-March-2022; CAD Diesel Prices - https://www.caa.ca/gas-prices/ as of 21-Mar-2022#56NIKOLA Q&A#575 7 PAGE VTOMIN COMMERCIAL OVERVIEW 01 02 03 COMPANY INTRODUCTION TRUCK PORTFOLIO BEV FCEV MANUFACTURING 04 05 COMMERCIAL STRATEGY 06 REGULATORY 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH H₂ FUELING ECOSYSTEM 01 COMMERCIAL STRATEGY 02 03 04 05 06 07 SALES PROCESS CALIFORNIA HVIP SALES FUNNEL OVERVIEW MOBILE STRATEGY FIXED INFRASTRUCTURE DEALER AND SERVICE NETWORK#585 8 PAGE VTOMIN SECTION PRESENTERS PABLO KOZINER PRESIDENT, NIKOLA ENERGY AND COMMERCIAL ● ● ● Over 20 years of experience building and managing companies in the construction and energy industry Served as President at Solar Turbines from 2015-2019 Previously served as Vice President / Regional Manager of Caterpillar Inc. from 2011 to 2014 Education: BA from Boston College and JD from Boston College Law MARK KEITH GLOBAL HEAD, BUSINESS DEVELOPMENT AND SERVICE ● ● Over 28 years of experience within transportation, power solutions, sales and service Served in various roles, including Vice President, at Solar Turbines from 1997-2019 Previously served as Senior Engineer at American Airlines from 1992 to 1997 Education: BS from Texas A&M Executive Education: Thunderbird School of Global Management; Stanford Graduate School of Business#5959 PAGE V1OXIN COMMERCIAL KEY STRATEGIES 1) OUR OFFERING ELECTRIC TRUCKS Battery-electric class 8 trucks Hydrogen fuel cell-electric vehicles DIRECT PURCHASE 4 Vehicle Service & support plan through dealers ㅜㅜ ENERGY Battery charging solutions Hydrogen production & fueling stations CUSTOMER SOLUTIONS (1) BUNDLED LEASE ● ● ● SERVICE Dealer network in place to support sales and service Purchase will be the primary solution for BEV trucks. However, FCEV truck solutions may be structured as a purchase with a fuel/service contract Bundled lease will be the primary solution for FCEV trucks. However, in some cases BEV truck solutions may be structured as a bundled lease with dealers including infrastructure, service contracts, etc OES Vehicle Energy (H₂ or charging) Service & support plan#6009 PAGE V1OXIN TRE BEV GO-TO-MARKET STRATEGY Class 8, Battery Electric Day Cab Tractor PRODUCT Charging Solutions Service Support Tour of Nikola HQ and/or Coolidge Manufacturing Plant 1) Expected; subject to change CUSTOMER SALES PROCESS H Local/Regional Day Cab Ops Innovative/Incentive-Driven Sustainability-Focused Marketing Events BLATOTA RYAN Customer Demos and Pilots TIMING (1) US - March 2022 EU - 2023 CAN 2024+ ||| LOIS and Orders#61L 9 PAGE V1OXIN STATE INCENTIVES CA HVIP $120k-$150k Incentive (available March 30, 2022) NY TVIP Up to $185k Incentive (Pending) PROGRAM DETAILS Up to $240M in total funding available next round (March 30, 2022 opening) OEM rolling limit of 100 vouchers outstanding Customer limit of 30-50 vouchers Other Programs Other states considering TRE BEV POs for 20 Vouchers secured Total add'l pipeline - 116 vouchers#6262 PAGE VTOMIN BEV SALES FUNNEL Nikola is building strong momentum from recent customer wins that provide visibility into a pipeline for 2022 and beyond (1) UP TO 425 UNDER LOI / MOU 30 (3) (LOI) TTSI TRI-EAGLE SALES HPA Hamburg Port Authority Covenant 10 (Order) 25 (MOU) Successful demos Trucks to dealers HVIP Activation (2) Charging solutions COLO 10 (3) (LOI) HENIFF TRANSPORTATION SYSTEMS, LLC SAIA USA TRUCK Wegmans 1) Subject to execution of definitive agreements or POs, and ability to deliver trucks; subject to customer cancellation 2) HVIP has 100 unit per OEM limit 3) LOls based on satisfactory completion of the vehicle trials / demonstration programs 100 (3) (LOI) 100 (3) (LOI) 100 (LOI) 50 (3) (LOI) ● BEV PIPELINE AS OF MAR 2022 High Potential: 14 customers 126 trucks Success rate > 85% High Interest: 16 customers 285 trucks Success rate > 60% POTENTIAL 2022 DELIVERIES: 300-500 BEVS#6363 PAGE VTOMIN FCEV SALES FUNNEL Nikola is building strong momentum from recent customer wins that provide visibility into a pipeline for 2022 and beyond (1) UP TO 1,010 UNDER CONTRACT /LOI / MOU 40 (LOI) 70(3) (LOI) Covenant Defined regional priorities Key region fueling plans Successful demos Anheuser-Busch 800 (2) (Contract) TTSI The Proud Professionals et INC. TRUCKING 1) Subject to execution of definitive agreements or POs, and ability to deliver trucks; subject to customer cancellation 2) AB order for up to 800 FCEVs; subject to satisfaction of delivery timelines and vehicle specifications 3) LOls based on satisfactory completion of the vehicle trials / demonstration programs 100 (3) (LOI) FOCUS FOR 2022 Prioritize California market Target top national fleets Leverage demos and BEV deployments Follow H₂ infrastructure roll-out ● ● ● FCEV PIPELINE AS OF MAR 2022 UP TO 700+ ● Continue to Build Demand Through 2H 2023 Launch#646 4 PAGE VTOMIN NEAR-TERM ENERGY SOLUTIONS - MOBILE FUELERS (1) ● ● ● BEV & FCEV ADOPTION HURDLES Permanent infrastructure → 12-18 months to construct, permit, commission, and operationalize Requires a commitment to a specific location TREBEV Nikola's mobile charging solutions are designed to solve near-term barriers to adoption NIKOLA MOBILE CHARGING TRAILER To provide immediate charging solutions to fleets Planned, subject to change 700 bar mobile fueling trailers will be available 2H 2022 Locations → at depots or remote environments Low capital cost ● O TRE FCEV Illustrative Rendering NIKOLA MOBILE FUELING TRAILER Flexible solution to test/enter new H₂ dispensing markets Fleets can use to flex new routes or regions 200-700 bar(2) fueling options#656 5 PAGE VTOMIN FIXED INFRASTRUCTURE CHARGING PLAYBOOK - CONSULTING AND GUIDANCE G Depot requirements - electrical loads Truck operational & duty cycle analysis Charger Supplier TRITIUM Supplier since March 2020 5 Charging optimization ||| Utility coordination rates an incentives Dealer Network Deep expertise in power solutions M Dealer energy solutions لاله Key input to TCO modeling Infrastructure Solutions Providers N NIKOLA STRATEGIC & FINANCIAL PARTNERS#6699 PAGE V1OXIN DEALER AND SERVICE NETWORK The dealer network is essential to providing a national sales and service network for customers DEALER AND SERVICE PARTNERS (1) INFRASTRUCTURE Shop bays, tools, diagnostics COLLABORATION Customers, dealers, service providers suppliers, component OEMs COMMUNICATION ERP in place and integrated with Service, Parts, Warranty LOGISTICS Footprint coverage, parts SAFETY Driver, techs, operating safety 1) Subject to execution of definitive documents RIG360 65 Wagner Equipment Co 11 Ring Power 14 127 in total Continued expansion across continental U.S. expected to continue throughout 2022 SERVICE HOLT Truck Centers 7 ~4-6%* WARRANTY COVERAGE *of average sales price(1) Carter Machinery 12 Alta 6 Quinn Company 12 ENGINEERING Quality, durability, reliability robust 360 processes TECHNICIAN PROFICIENCY Certification process for primary & ancillary vendors and dealers WARRANTY Policies, coverage and recovery from suppliers DATA ANALYTICS Predictive maintenance WORK STANDARDS & PROCESSES Preventative maintenance Engineered methods#676 7 PAGE VTOMIN DEALER DELIVERIES NIKOLA Nikola Motor Company @nikolamotor B N NIKOLA 2:10 PM Feb 17, 2022 Agorapulse app Nikola Motor Company @nikolamotor Another pre-series #NikolaTreBEV depa Nikola HQ. This delivery is heading to ou @holt_truck in the Lone Star state. Who's up next? 1:35 PM Feb 4, 2022 Agorapulse app The #NikolaTreBEV is in a Southern state of mind & our sales and service dealer @ThompsonTrucks is ready to talk electric! If you're in the Nashville, TN area, visit their website at ThompsonTC.com to schedule a time to stop by & experience it! Nikola Motor Company @nikolamotor From one sunny state to the next, another #NikolaTreBEV is heading out to our dealer, @ringpowercat in Florida! #NikolaDealer Delivery Nikola Motor Company NIKOLA @nikolamotor 5:53 PM Feb 1, 2022 Agorapulse app N NIKOLA NIKOLA Nikola Motor Company @nikolamotor Sending off another #NikolaTreBEV into the world! This time to our dealer Alta in New York. @altaequipment @altaequipny Dealer-ready! The Nikola Tre #6 pre-series BEV truck is heading to our first sales and service dealer on the delivery list...Thompson Truck Centers in Nashville, TN! #NikolaDelivery @ThompsonTrucks 639 4:36 PM Mar 4, 2022 Agorapulse app#68NIKOLA Q&A#69NIKOLA BREAK#7070 / PAGE VTOMIN REGULATORY OVERVIEW 01 COMPANY INTRODUCTION 02 TRUCK PORTFOLIO BEV FCEV 03 MANUFACTURING 04 05 06 REGULATORY 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY 01 OVERVIEW 02 03 04 NIKOLA'S FOCUSED INITATIVES INCENTIVES MANDATES#717 1 / PAGE VTOMIN SECTION PRESENTER BRITTON WORTHEN CHIEF LEGAL OFFICER ● Over 20 years of experience on commercial litigation, intellectual property, corporate formation, and governance, and real estate matters Served as a partner at the law firm of Beus Gilbert PLLC Graduated with honors from the University of Michigan Law School and completed his undergraduate studies at Brigham Young University#727 2 PAGE VTOMIN FEDERAL, STATE, AND FOREIGN INCENTIVES Various federal, state, and foreign incentives provide favorable ZEV heavy-truck tailwinds FEDERAL Infrastructure Jobs and Investment Act → (Signed Nov '21) O Regional Clean H₂ Hub Program ($8B) Ports Infrastructure Development Program ($0.5B) Charging and Fueling Infrastructure Program ($2.5B) U.S. DOE Loan Program ($40B) Infrastructure technology to reduce emissions for a clean energy future 00$00 ● CA Hybrid Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) Tre BEV- up to $150k/truck INCENTIVES STATE NY Truck Voucher Incentive Program (NY TVIP) ● ● Low Carbon Fuel Standard (LCFS) Market-based credit program to reduce carbon intensity (CI) CA, OR, WA, and 8 additional states pending Tre BEV up to $185K/truck Pending Approval Germany FOREIGN Federal Ministry of Transport and Digital Infrastructure ($7.9B) 80% of the incremental cost of replacing a diesel truck with a ZEV truck#737 3 PAGE VTOMIN HEAVY TRUCK-SPECIFIC MANDATES Mandates and requirements specific to heavy-duty trucks are driving changes to transportation sector FEDERAL EPA → Proposed Clean Truck Rulemaking (Final YE '22) Stronger NOx and GHG standards to reduce pollution starting model year (MY) ¹27 ■ MANDATES Advanced Clean Truck (ACT) Standard MY '24/'25 through '35 zero emission truck sales require: 55% of Class 2b - 3 75% Class 4 - 8 (Straight- trucks) 40% truck-tractor ■ STATE = o Adopted 6 states. Pending = 8 states FOREIGN MOU for zero-emission medium/heavy-duty vehicles - signed Fall '21 o Target for ZEV new truck/bus sales → 100% by 2040 o Signed by: UK, Canada, Austria, Norway, Denmark, Finland, Switzerland, etc.#747 4 PAGE VTOMIN NIKOLA'S ACTIVE ROLE IN POLICY FORMATION Nikola is working to effect positive heavy-truck legislative activity OKLAHOMA HYDROGEN LEGISLATION Voted to advance ZEV-related bill → $100k/zero-emission truck in tax credits Cap up to $10M each for BEVs and FCEVS Roadmap for other state ZEV incentive programs BUILD BACK BETTER = $ ● Climate-Related Tax Credits (Commercial Vehicle & H₂ Production) Strong outreach & communication with key senators Purpose: to advance a climate tax package in spending bill FEDERAL WEIGHT EXEMPTION AND ZERO-EMISSION TRUCK PILOT PROGRAM Working with Senate and White House to include hydrogen in federal weight exemption Plans to initiate a pilot program to study the impact of zero-emission truck deployment on the federal interstate system A|A#75NIKOLA Q&A#7676 PAGE VTOMIN PEOPLE OVERVIEW 01 COMPANY INTRODUCTION 02 TRUCK PORTFOLIO BEV FCEV 03 MANUFACTURING 04 05 06 REGULATORY 07 PEOPLE 08 BUSINESS MODEL WALKTHROUGH H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY 01 02 03 EXECUTIVE COMP STRATEGY ALIGNMENT THROUGHOUT ORGANIZATION WORKFORCE#7777 PAGE VTOMIN SECTION PRESENTER JOSEPH PIKE CHIEF HUMAN RESOURCES OFFICER Served as the Senior Director of Talent at Vista Outdoor Worked with the H.J. Heinz Company as a Business Partner for the company's corporate team supporting the CFO, General Counsel, CHRO, SVP of Marketing, SVP of Communications and SVP of Investor Relations Graduated with honors from the Marriott School of Management with a master's degree in Public Administration and cum laude with a bachelor's degree in Communications from Brigham Young University#787 8 PAGE VTOMIN EXECUTIVE COMPENSATION STRATEGY ALIGNED TO SHAREHOLDERS RISK REFLECTED $1 Executives make $1 cash a year All other compensation is stock, creating a 99:1 at-risk pay ratio LONG-TERM ORIENTED 3 Executive annual stock awards cliff vest after 3 years Encourages long-term thinking and decision making SHAREHOLDER ALIGNED Executive performance awards are tied to shareholder gains in the form of stock prices hurdles ($25, $40, $55) Only earned if prices are met and maintained for a specified period#7979 PAGE VTOMIN DRIVING A MENTALITY OF OWNERSHIP LEVELS AND SAMPLE TITLES 15 Executive Officer 14 Global Head Senior Director, Senior Technical Lead 12 Director, Senior Technical Specialist 11 Senior Manager, Technical Specialist Manager, Staff Engineer Lead Engineer, Senior Specialist 13 10 9 8 Senior Engineer, Specialist 7 Engineer, Senior Analyst Engineer, Analyst 5 Placeholder for Future Use 6 4 Production Lead, Technician Lead 3 Senior Associate, Senior Technician 2 Production Associate, Technician 1 Production Associate, Technician % OF ANNUAL TOTAL PAY OPPORTUNITY THAT CONSISTS OF STOCK 99% 83% 76% 64% 57% 48% 40% 29% 19% 12% 12% 10% 7% 4% 100% All our employees hold stock and are eligible for annual performance- based stock awards.#8080 PAGE VTOMIN A GROWING PRODUCT-FOCUSED POPULATION PRODUCT-FOCUSED TEAMS ENGINEERING, PURCHASING, DESIGN, MANUFACTURING, OPERATIONS, QUALITY, FUNCTIONAL SAFETY, ENERGY 856 85% of overall population +128 hires YTD 1,012 ACTIVE EMPLOYEES AS OF MARCH 2022 COMMERCIAL AND SUPPORT FINANCE, LEGAL, GOVERNMENT AFFAIRS, MARKETING, IT, BUSINESS DEVELOPMENT, SERVICE, FACILITITES, SAFETY, HR, SECURITY 156 15% of overall population +31 hires YTD#81NIKOLA Q&A#8282 PAGE VTOMIN BUSINESS MODEL WALKTHROUGH 01 02 COMPANY INTRODUCTION TRUCK PORTFOLIO BEV FCEV 03 MANUFACTURING 08 04 05 06 07 PEOPLE H₂ FUELING ECOSYSTEM COMMERCIAL STRATEGY REGULATORY BUSINESS MODEL WALKTHROUGH 01 BUSINESS MODEL OVERVIEW 02 03 04 05 06 TRUCK ECONOMICS BEV FCEV ILLUSTRATIVE BUNDLED LEASE OVERVIEW ILLUSTRATIVE H₂ VALUE CHAIN COOLIDGE CAPEX OVERVIEW OTHER ITEMS OTHER POTENTIAL REVENUE OPPORTUNTIES FUNDING OVERVIEW#8383 PAGE VTOMIN SECTION PRESENTER KIM BRADY CHIEF FINANCIAL OFFICER ● Over 20 years of experience in principle investments, private equity, investment banking, corporate restructuring, and operational performance improvements Served as Partner and Sr. Managing Director at Solic Capital Previously, served as CFO and General Manager for various companies in manufacturing, business services, and healthcare Education: BS from Brigham Young University and MBA from Northwestern's Kellogg Graduate School of Management#8484 PAGE VOXIN BUSINESS MODEL OVERVIEW ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE REVENUE DRIVERS PRIMARY GO- TO MARKET STRATEGY (1) 1) Subject to change BEV Units Sold X Average Sales Price TRUCKS BEV Truck Revenue DIRECT SALE FCEV Units Sold X Average Sales Price FCEV Truck Revenue FUEL & SERVICE H 2 Kg Dispensed X Rate per kg H₂ Ecosystem Revenue BUNDLED LEASE Service Miles Driven X Rate per Mile Service Revenue#8585 PAGE VTOMIN BEV UNIT ECONOMICS ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE Labor, OH, Warranty, Freight $125K BOM $375K GROSS MARGIN 1) Steady state production expected in 2025+ 2022 Guidance (75%) - (60%) $300K Sales Price ($500K) COGS TRE BEV ($200K) Gross Profit (60%) Gross Margin 2023 EXPECTED POSITIVE GM Steady State (1) VOLUME INCREASE EXPECTED -20% GM KEYS TO COST REDUCTION BILL OF MATERIALS REDUCTION SUPPLY CHAIN LOCALIZATION OTHER ECONOMIES OF SCALE#8686 PAGE VOXIN FCEV UNIT ECONOMICS ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE 1) 2) GROSS MARGIN At Launch 2H'23 TRE FCEV (75%) - (60%) 2,400 2024 2H 2023 Launch of Tre FCEV Break-even or positive gross margin expected in 2024 Coolidge capacity ~20,000 total units at 2023 launch Current Capacity 2022 EXPECTED BREAKEVEN COOLIDGE MFG CAPACITY (2) 45,000 Phase 3.0 Capacity 2024 Steady State (1) EXPECTED -20% GM Capacity ONLY Steady state production expected in 2026+ Capacity = # of trucks the manufacturing facility is capable of building per annum. Volume = actual # of trucks SOLD per annum, subject to market penetration, ZEV adoption, supply chain, etc [ BUNDLED LEASE ~40% ویرو -50%-10%#8787 PAGE V1OXIN ILLUSTRATIVE BUNDLED LEASE FCEV ONLY Revenue from FCEV leases is allocated between Truck, Fuel, and Service ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE ILLUSTRATIVE LEASE ALLOCATION % (3) REVENUE & CASH RECOGNITION ILLUSTRATIVE TCO RANGE(1) $1.05/Mile To $1.25/Mile FCEV ~40% Traditional Diesel UP-FRONT ~ BUNDLED LEASE (2) H₂ ~50% OVER 7-YRS 1) Illustrative per mile cost range for traditional diesel, management estimate only, actual costs vary customer by customer 2) Bundled-lease payment may be structured as one contract, or may contain up to three separate contracts, subject to change 3) Bundled-lease allocations rates may vary and are subject to change 4) Subject to change, 7.5 mile /kg efficiency may vary based on speed, temperature, topography, and payload Service ~10% OVER 7-YRS TARGET Match or Beat TCO of traditional diesel 1 O EACH FCEV LEASE 7-yrs or 700,000 miles (whichever comes first) 700,000 mi = 7.5 mi/kg H₂ (4) 2 93,333 kgs H₂ (per 7-year lease) Modeling Guidance A FUEL PRICE X B FUEL VOLUME#8888 PAGE VTOMIN ILLUSTRATIVE H₂ VALUE CHAIN 2 Each Step in Value Chain Captures Profit as Molecule Moves from Production to Customer ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE PRODUCTION SPVS PRODUCTION REVENUE $$ PRODUCTION COST ($) PRODUCTION PROFIT + NIKOLA STRATEGIC & FINANCIAL PARTNERS LA $ 0000 NIKOLA ES&T "SUPPLY CO." REVENUE MOLECULE COST DISTRIBUTION COST "SUPPLY CO." PROFIT $$$$ ($$) ($) LA N NIKOLA 1100% OWNED/CONTROLLED DISPENSING SPVS DISPENSING REVENUE MOLECULE COST DISPENSING COST DISPENSING PROFIT + NIKOLA STRATEGIC & FINANCIAL PARTNERS Nikola "Supply Co" profit x kg H₂ dispensed $$$$$ ($$$$) ($) $ BUNDLED LEASE TOOL ~40% ~50% Implied $/kg CUSTOMER ~10% Allocated fuel portion of bundled lease NIKOLA#8989 PAGE VTOMIN ILLUSTRATIVE IMPACT OF H₂ INCENTIVES "Supply Co." captures benefits of tax or monetized credits through value chain through increased margins ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE PRODUCTION SPVs AL PRODUCTION TAX CREDITS # of eligible kgs produced X Credit $/kg H₂ Produced PRODUCTION TAX CREDITS Offsets costs of production Allows lower sales price to "Supply Co." Lowers Molecule Cost to "Supply Co." 1) Presence of LCFS credits will likely result in higher price/ kg purchased from "Supply Co." NIKOLA "Supply Co." Optimize Margin at "Supply Co." BUNDLED LEASE TOOL LCFS CREDIT ~40% DISPENSING SPVs ㅜㅜ # of eligible kgs dispensed X Credit $/kg H₂ Dispensed LCFS CREDITS ~50% 9 ~10% Higher Price/kg Sold into Dispensing Stations (1) Increases Molecule Revenue to "Supply Co."#9090 PAGE VTOMIN COOLIDGE CAPEX OVERVIEW ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE A B NIKOLA HQ (Phoenix, AZ) ~50 miles MANUFACTURING FACILITY (Coolidge, AZ) EST. CAPEX PHASE CAPEX BUILDING EQUIPMENT A PAINT & WELD B SPEND THRU DEC'21 Equipment includes truck capacity expansion and fuel cell power module (FCPM) assembly Inclusion of paint and weld facilities and equipment subject to final make vs. buy decision (decision by Q2 2022) -$105M ~$85M ~$20M $0 D Includes Phase 2.0 facility and capacity expansion, commence buildout of FCPM assembly line, & test track facilities 2022 ~$150M ~$70M ~$80M $0 2023 -$345M ~$95M C ~$100M C ~$150M TOTAL SPEND ~$600M ~$250M ~$200M ~$150M D Includes buildout of phase 3.0 building and equipment capacity plus the ramp up of FCPM assembly capabilities To reduce overall CAPEX Nikola may consider entering into a sale- leaseback agreement upon plant completion#919 / PAGE V1OXIN ADDITIONAL REVENUE GENERATION & INCOME OPPORTUNITIES ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE OPPORTUNITY 50/50 European JV with IVECO DISPENSING CREDITS H₂ PRODUCTION TAX CREDITS ㅜㅜ REVENUE MODEL Ulm production capacity Allocation to Nikola ASP REVENUE Eligible H₂ kg dispensed LCFS credit/ kg REVENUE PER SATION Eligible H₂ kg Produced Production Tax Credit / kg REVENUE PER HUB [# units] 50% $$ Nikola units x $$ [# of kgs] $$ kg x $$ [# of kg] $$ Kg x $$ 1) JV is a contract manufacturer selling Nikola & IVECO trucks at cost-plus 5% markup. Nikola and IVECO will sell trucks through their respective distribution channels in the EU market - DESCRIPTION Nikola and IVECO purchase trucks from the JV for sale in the EU market (1) LCFS Credits are currently available in California, Oregon, and Washington, and likely to expand Production Tax Credits are currently being considered (45Q, PTC, etc.). If formally adopted, would serve to reduce overall NET cost of production#9292 1 PAGE VTOMIN FUNDING OVERVIEW ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE REPORTED LIQUIDITY as of 12.31.21 ELOC Balance as of Dec. 31, 2021 FY21 Reported Cash ~$958M $436M $522M LIQUIDITY AS REPORTED 12.31.21 FUNDING OVERVIEW ~$958M AVAILABLE LIQUIDITY AS OF 12/31/21 2022 NET CASH SPEND EXPECTED $720M - 775M TARGET TO ALWAYS MAINTAIN LIQUIDITY FOR NEXT 12 MONTHS REMAIN FLEXIBLE AND OPPORTUNISTIC WHEN FUNDING FUTURE CAPITAL NEEDS#9393 PAGE VTOMIN 2022 MILESTONES Key 2022 Milestones for Nikola Deliver 300 - 500 production Nikola Tre BEVs to customers Successful pilot testing of Tre FCEV alpha trucks with customers (Anheuser-Busch, TTSI, and others) Build, test, and validate Tre FCEV beta trucks Announce location, break ground, and commence construction of the first hydrogen production hub in AZ Announce two or more dispensing station partners in CA#94NIKOLA Q&A#95THANK YOU 539115 11111111111111111111111111111 NIKOLA