#1GFEL FEL WAS Y APS MY NIKOLA CORPORATION INVESTOR ROADSHOW PRESENTATION APRIL 2020 NIKOLA N NIKOLA VectolQ N NIKOLA 000#2DISCLAIMERS FOR ANALYST PRESENTATION: This presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination between Nikola Motor Corporation ("Nikola" or the "Company") and VectolQ Acquisition Corp. ("VectolQ") and related transactions (the "Proposed Transactions") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will VectolQ, Nikola or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither VectolQ nor Nikola has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Nikola or the Proposed Transactions. Viewers of this Presentation should each make their own evaluation of Nikola and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Important Information and Where to Find It N In connection with the Proposed Transactions, VectolQ has filed a registration statement on Form S-4, including a proxy statement/prospectus/information statement (the "Registration Statement"), with the SEC, which includes a preliminary proxy statement to be distributed to holders of VectolQ's common stock in connection with VectolQ's solicitation of proxies for the vote by VectolQ's stockholders with respect to the Proposed Transactions and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to the Company's stockholders in connection with the Proposed Transactions, and an information statement to Company's stockholders regarding the Proposed Transactions. After the Registration Statement has been declared effective, VectolQ will mail a definitive proxy statement/prospectus, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, and any amendments thereto and any other documents filed with the SEC when they become available, carefully and in their entirety because they contain important information about VectolQ, the Company and the Proposed Transactions. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus/information statement and definitive proxy statement/prospectus/information statement (when available) and other documents filed with the SEC by VectolQ through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: VectolQ Acquisition Corp., 1354 Flagler Drive, Mamaroneck, NY 10543. Participants in the Solicitation VectolQ and the Company and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transactions. Information about the directors and executive officers of VectolQ is set forth in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Transactions. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above. No Offer or Solicitation This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. 2#3Forward-Looking Statements This Presentation includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "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, statements regarding estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, timing of various business milestones, and projected business model and related assumptions; VectolQ's ability to consummate a transaction with the Company; VectolQ's ability to obtain the financing necessary to consummate the Proposed Transactions; and the expected timing of completion of the Proposed Transactions. These statements are based on various assumptions and on the current expectations of VectolQ's and the Company's management and are not predictions of actual performance. These forward- looking statements are provided for illustrative purp s 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 the control of VectolQ and the Company. These forward looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of judicial proceedings to which the Company is, or may become a party; the inability of the parties to enter into definitive agreements or successfully or timely consummate the Proposed Transactions or to satisfy the other conditions to the closing of the Proposed Transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company; the risk that the approval of the stockholders of VectolQ for the Proposed Transactions is not obtained; failure to realize the anticipated benefits of the Proposed Transactions, including as a result of a delay in consummating the Proposed Transaction or difficulty in, or costs associated with, integrating the businesses of VectolQ and the Company; the amount of redemption requests made by VectolQ's stockholders; the occurrence of events that may give rise to a right of one or both of VectolQ and the Company to terminate the Business Combination Agreement; risks related to the rollout of the Company's business and the timing of expected business milestones; changes in the assumptions underlying the Company's expectations regarding its future business or business model; the availability of capital; the effects of competition on the Company's future business; and those factors discussed in the Registration Statement under the heading "Risk Factors," and other documents of VectolQ filed, or to be filed, 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 neither VectolQ nor the Company presently do not know or that VectolQ and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect VectolQ's and the Company's expectations, plans or forecasts of future events and views as of the date of this Presentation. VectolQ and the Company anticipate that subsequent events and developments will cause their assessments to change. However, while VectolQ and the Company may elect to update these forward-looking statements at some point in the future, VectolQ and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing VectolQ's or the Company's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This Presentation contains projected financial information with respect to Nikola. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Registration Statement or any other document to be filed by VectolQ with the SEC. Some of the financial information and data contained in this Presentation, such as EBIT, EBITDA and EBITDA Margin, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). VectolQ and Nikola believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Nikola's financial condition and results of operations. Nikola's management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. VectolQ and Nikola believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Nikola's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management 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 financial measures is that they exclude significant N 3#4expenses and income that are required by GAAP to be recorded in Nikola's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Nikola's audited financial statements, which are included in the Registration Statement. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of VectolQ, Nikola and other companies, which are the property of their respective owners. N 4#5I. TRANSACTION OVERVIEW N 5#6PROPOSED TRANSACTION OVERVIEW ● ● ● TRANSACTION STRUCTURE ● On March 2, 2020, Nikola and VectolQ agreed to enter into a business combination ● It is anticipated that the post-closing company will be a Delaware corporation, retain the Nikola name, and be listed on the NASDAQ The transaction is expected to close in Q2 2020 VALUATION Transaction implies a fully diluted pro forma enterprise value of $3.3 billion (~1.0x based on 2024E revenue of ~$3.2 billion) Existing Nikola shareholders expected to receive 79.6% of the pro forma equity and $70 million cash (1) CAPITAL STRUCTURE The transaction will be funded by a combination of VectolQ cash held in a trust account, VectolQ common stock, and proceeds from VectoIQ PIPE Transaction will result in $709 million cash on the balance sheet to fund growth (2) 1. Including Series D investors. Excluding potential dilution from out-of-the-money VectolQ warrants. Assumes no redemptions by VectolQ's existing public shareholders 2. Based on $237 million cash in trust, $67 million cash from Nikola balance sheet, 52.5 million shares at $10/share PIPE ($525 million) less $50 million transaction expenses and $70 million cash to seller. Assumes no redemptions by VectolQ's existing public shareholders 6#7PRO FORMA EQUITY OWNERSHIP SM, EXCEPT SHARE AND PER SHARE DATA SOURCES VectolQ Shares Estimated Cash Held in Trust(1) Estimated Cash Contributed from Balance Sheet(2) Proceeds from PIPE (3) Total Sources USES Equity Consideration to Nikola Existing Investors(4) Cash to Seller Cash to Balance Sheet Estimated Payment of Transaction Expenses Total Uses $3,207 $237 $67 $525 $4,036 $3,207 $70 $709 $50 $4,036 PRO FORMA VALUATION Share Price PF Shares Outstanding (5)(6) Equity Value Plus: Debt Less: Cash Enterprise Value ILLUSTRATIVE PRO FORMA OWNERSHIP(5)(6) VectolQ Public Shareholders 5.7%, 23.0M Shares Shares from PIPE 13.0%, 52.5M Shares $10.00 402.9 $4,029 $4 ($709) $3,324 VectolQ Sponsor Shareholders 1.6%, 6.6M Shares O Note: The sources and uses of funds presented herein are forward-looking statements and reflect the Company's current plans and expectations regarding financing for the business combination. The Company may elect to obtain additional financing, including the sale of additional debt or equity, or alternative financing on different terms in connection with the business combination in which case the information presented herein may change. Pro forma figures include the run-rate contribution of recent acquisitions and public company cost assumptions. Due to rounding, numbers presented may not add up precisely to the totals indicated. 1. As of 1/5/2019. Assumes no redemption by VectolQ's existing public shareholders. Actual results in connection with the business combination may differ 2. Assumes all cash associated with Series D investment has been received prior to closing 3. Assumes 52.5M shares are issued at $10.00 per share 4. Rollover equity shares include shares issued to series D investors 5. Pro forma share count includes 23.0 million VectolQ public common shares, 6.6 million VectolQ Sponsor shares, 52.5 million shares from PIPE, and 320.7 million shares issued to Nikola existing shareholders; shares issued to Nikola shareholders is based on latest Series D raise amount of $277M and is subject to change if incremental Series D investment is raised prior to closing. Assumes no redemptions by VectolQ's existing public shareholders 6. Pro forma ownership table excludes the impact of all out-of-the-money VectolQ warrants Existing Nikola Equity Rollover (4) 79.6%, 320.7M Shares 7#8DEEP BENCH OF EXPERIENCED MANAGEMENT KEY TO MAKING THE VISION A REALITY BRITTON WORTHEN CHIEF LEGAL OFFICER CORPORATE FUNCTIONS JOSEPH PIKE CHIEF HUMAN RESOURCES OFFICER ELIZABETH FRETHEIM HEAD OF BUSINESS DEVELOPMENT VINCE CARAMELLA HEAD OF MARKETING 1. KIM BRADY CHIEF FINANCIAL OFFICER OLIC NAVIGANT BECS GILBERT M LAW CVS Kellogg CAREMARK UNIVERSITY OF MICHIGAN AON Kraft Heinz ATCO Walmart Titles reflect roles post-closing TREVOR MILTON EXECUTIVE CHAIRMAN(¹) d.HYBRID COX CenturyLink™ NIKOLA NHA NGUYÊN SAFETY OFFICER SAFETY, SUPPLY CHAIN, AND HYDROGEN MIKE CHAFFINS SENIOR DIRECTOR, SUPPLY CHAIN AND PURCHASING DALE PROWS HEAD OF HYDROGEN SUPPLY CHAIN NSW LIVIO GAMBONE HEAD OF HYDROGEN STORAGE OX DANE DAVIS CHIEF TECHNOLOGY OFFICER NIKOLA NHTSA NISSAN MOTOR COMPANY SP HUNTSMAN A ServiceMaster. Nikola's management team brings together proven leaders with deep industry and domain expertise CSA GROUP SES STORED ENERGY SOLUTIONS MARK RUSSELL PRESIDENT & CEO(¹) WORTHINGTON DESIGN, POWERTRAIN, AND SOFTWARE KEVIN LYNK CHIEF ENGINEER, POWERTRAIN VAROUJAN SARKISSIAN HEAD OF VEHICLE ELECTRICAL AND CONTROLS ERIK TUFT SENIOR DESIGNER ISAAC SLOAN CHIEF SOFTWARE ARCHITECT NASA ALCOA goengineer PROFIRE ENERGY INC Jet Propulsion Laboratory California Institute of Technology Faraday Future Ford KENWORTH RAILS d-HYBRID UMRAN ASHRAF HEAD OF VEHICLE ENGINEERING TESLA O ROMEO ✩ Faraday Future VEHICLE ENGINEERING RON JOHNSON SENIOR TECHNICAL LEAD, CHASSIS CHRISTOPHER ECKERT SENIOR TECHNICAL LEAD, CAB SAEID EMAMI SENIOR TECHNICAL LEAD, CAE ALAIN HADORN SENIOR DIRECTOR, PROGRAM MANAGEMENT AND QUALITY ILJIN Ford LUCID TESLA CAD SIEMENS ROMEO Faraday Future GM CHRYSLER N 8#9II. NIKOLA BUSINESS OVERVIEW N 9#10WE ARE NIKOLA A UNIQUE BUSINESS MODEL... 1. 1.3 545FF Z NIKOLA i 00 000 Rob Vision: to be the zero emissions commercial transportation system leader Addressing Huge "Green-to-Wheel" Commercial Vehicle Ecosystem TAM Estimated $600B+ Global TAM comprised of both vehicle and energy supply(¹) Tightening global emissions standards require a zero emissions solutions over the near-term Industry Leading Technology Portfolio to Address Specific Use Cases BEV truck with best-in-class range and capabilities, ideally suited for shorter-haul applications World's most advanced Hydrogen (H₂) FCEV Truck, ideally suited for long-haul applications Enabled by World Class Partnerships and Investments by Strategic Players Partnership and European JV with CNHI IVECO, a global Commercial Vehicle OEM Strong partnerships throughout transportation ecosystem to de-risk business Pace-Setting Speed-to-Market Planned 2021 BEV launch Planned 2023 FCEV launch and H₂ station operations Meeting Strong Demand from Blue Chip Customers $10B+ FCEV pre-order book (2+ years of orders), with robust demand for newly introduced BEV truck Anheuser-Busch piloting fleet and H₂ station operations On a Path to Effectively Scale Green Energy Storage to Ultimately Transform Transportation Fueling Landscape Partnered with NEL to develop first-in-kind H₂ station infrastructure With a Deep Roster of Management Talent to Pursue Vision of Zero Emission Transportation Ecosystem $600B TAM includes truck, repair & maintenance and fuel based on proprietary research from ACT Research 10#11POWERED BY A UNIQUE BUSINESS STRATEGY KEY NIKOLA FACTS Founded in 2015 by Trevor Milton Based in Phoenix, AZ with ~250 employees +14,000 FCEV truck reservations to-date (~$10B sales value), with robust demand for newly-introduced BEV truck +$500M of capital raised to-date(¹) CORE BUSINESS 1. BUSINESS MODEL COMPONENT TARGET USE CASE • ● BEV Truck BEV powered truck Industry-leading range of up to 300 miles Leverage existing FCEV work and partnership with CNHI to co-develop BEV truck for production in the next 12-18 months Shorter-haul ● ● ● FCEV Truck H₂ FCEV powered truck 500-750 mile range Attractive "bundle pricing" model (truck, fuel, maintenance) Long-haul • Complementary offerings: with significant overlap in components; BEV and FCEV address different use cases ● Together, the distinct business offerings enable disruption across the "Green-to-Wheel" value chain OVERVIEW OF STRATEGIC PARTNERSHIPS CNI WABCO EDAG AVL INDUSTRIAL nel. Ryder Ever better. H₂ Stations Economically produce H₂ fuel via electrolysis Initial methodical roll-out of targeted station development along "dedicated routes" Electricity input (grid, solar, wind) purchased via long-term supply agreements H₂ Production and Refueling of FCEV PLATFORM ENABLED ● . ● BOSCH Autonomous Ready Level 4 hardware standard Automatic braking and lane keeping Full fleet management solutions and data capturing Over-the-air software updates Significantly increases addressable market vs. truck offering alone Amount includes in-kind contribution of services from CNHI (see slide 12 for additional detail); does not include capital from VectolQ transaction Capacity-as-a-Service Grid Storage and BEV Charging Leverage technology and infrastructure to act as a grid buffer and to capture intermittent energy sources Provide BEV charging solutions to short-haul customers Energy-as-a-Service Additional growth opportunities based on truck and H₂ station platform N 11#12DEMONSTRATING SIGNIFICANT GROWTH AND PROGRESS ON VISION SINCE 2015 Total Truck Reservations Capital Raised in Calendar Year Trevor Milton founds Nikola 2015 Build-out of team, hired: Chief Engineer Chief Designer Battery Engineer N/A N/A 00 a NIKOLAONE Prototype of Nikola One Unveiled 2016 Signed sales and service agreement with Ryder Systems Ryder Ever better. ~7,900 FCEV $16M Series A @ $300M pre-money valuation Bosch co- development and strategic supply chain partnership established BOSCH 2017 Over $500M raised to date to support commercialization of unique business model Nel announced as sole equipment supplier for hydrogen stations nel• ~8,200 FCEV $44M Series B @ $900M pre-money valuation m Signed binding agreement to provide Anheuser- Busch with up to 800 trucks ABInBev 2018 Signed Hydrogen Station Development agreement with Nel nel. ~14,000 FCEV $214M Series C @$1.1B pre-money valuation NIKOLA WORLD 2019 Unveiled fully operational Nikola Two Alpha trucks at Nikola World; most advanced FCEV truck on the planet 2019 Entered North America production alliance and European joint venture with CNHI Iveco CNH IVECO INDUSTRIAL Reservation book frozen; negotiating with strategic fleet partners for launch and pursuing binding contracts Secured $250M investment from CNHI Iveco as part of Series D representing a pre-money valuation of $3B N 12#13TECHNOLOGY PORTFOLIO ADDRESSES COMPLEMENTARY USE CASES GENERAL TECHNOLOGY COMPARISON PRIMARY POWER UNIT (PPU) REFUEL/CHARGE TIME EST. RANGE REFILL AFFECT ON ELECTRICAL GRID PPU SUSTAINABILITY PROFILE IMPACT ON EMISSIONS EST. VEHICLE WEIGHT EST. HAULING CAPACITY (1) H₂ HYDROGEN-ELECTRIC Hydrogen Fuel Cell 10-15 minutes 500-750 miles (Long-haul) Hydrogen stations act as buffer & balance grid Hydrogen is the most abundant element on planet Zero emission vehicle ~22,000-24,000 lbs ~56,000-58,000 lbs Complementary Use Cases 1. Estimated hauling capacity includes both cargo capacity and the weight of the trailer Nikola is the only company offering both BEV and FCEV solutions; addressing both short-haul and long-haul markets 8 100% BATTERY ELECTRIC Battery Several Hours 100-300 miles (Medium-/Short-haul) Recharge to be managed within grid load capacity Dependent on further advances in technology Zero emission vehicle ~25,000-27,000 lbs ~53,000-55,000 lbs DIESEL Diesel Engine 10-15 minutes 500-750 miles N/A Access to oil reserves can be costly and prices are highly volatile Heavy emission vehicle unlikely to adhere to future regulations on emissions standards ~17,000-19,000 lbs ~61,000-63,000 lbs N 13#14WORLD CLASS STRATEGIC PARTNERSHIPS... - . ● ● MARQUEE CO-DEVELOPMENT PARTNERS CNH/IVECO INDUSTRIAL International leader in the development, manufacture, marketing, and servicing of a vast range of light, medium, and heavy commercial vehicles Series D investor and partner in 50/50 European joint venture and North American production alliance OTHER KEY INDUSTRY PARTNERS Hanwha One of the world's largest and most recognized photovoltaic manufacturers and energy providers • Series C investor and exclusive solar panel provider EDAG #1 global engineering service provider to the Commercial Vehicle industry for cab development Cab and Chassis engineer . • ● • Nikola's extensive network of strategic partnerships significantly reduces execution risks, improves commercialization timeline, and provides long-term competitive advantage ● ● H BOSCH Leading global supplier of technology and services to automotive, industrial, energy, building technology, and consumer end markets with ~410,000 employees and ~$90B in annual revenue Series B and C investor and powertrain design (e.g., fuel cell, battery, VCU) co-development partner Any related IP will be jointly owned by Nikola nel Largest producer of electrolyzers and other hydrogen equipment Ryder Series C investor and hydrogen production equipment supplier (electrolyzers and other components for hydrogen stations) Ever better. Largest truck leasing company in the U.S. with over 800 service centers and 6,000 highly trained technicians Exclusive sales and service partner • Series B investor in Nikola and brake traction and stability control system developer ● WABCO Leading global supplier of braking control components and air management systems to medium- and heavy-duty trucks • AVL 20 World's largest independent company for the development, simulation and testing of powertrains Designer and developer of first-in-class vehicle and hydrogen fuel cell test facility N 14#15ANCHORED BY LANDMARK PARTNERSHIP WITH CNHI IVECO N NIKOLA/CN IVECO II WHO IS CNHI IVECO? One of World's Leading Capital Good Companies with Annual Revenue of $30B+ · INDUSTRIAL ● INVESTMENT SUMMARY CNHI Iveco's invested $250M in Nikola as Part of Series D Round $100M cash investment $150M investment in form of in-kind services related to North America engineering and production Announced September 3, 2019 ADDITIONAL DETAILS CNHI Iveco engineers to embed with Nikola team to develop production-ready truck and leverage its expertise across all elements of the manufacturing process • CNHI's Iveco business is a leading truck, bus, and light commercial vehicle manufacturer in Europe, South America, and Asia with 175,000+ annual unit volume(¹) Currently the leader in CNG/LNG alternative propulsion for the European trucks market, complementary to investment in Nikola BEV and FCEV technology Announced plan to spin-off as an independent company in 2021 • Nikola/CNHI Iveco product to be produced on dedicated lines within existing Iveco manufacturing facilities PARTNERSHIP AND JV North America Engineering and Production Alliance (100% of N.A. Business Retained by Nikola) ● Partnership with CNHI Iveco significantly de-risks North America production execution and accelerates penetration of attractive European market ● Significantly de-risks Nikola operational execution by leveraging the expertise and capabilities of one of the world's leading commercial vehicle manufacturers CNHI Iveco to provide $150M of engineering and production to support bringing Nikola trucks to market Europe Joint Venture (50/50 Split) • Allows Nikola to accelerate penetration of attractive European addressable market while minimizing execution risk and optimizing Nikola management bandwidth • Nikola and CNHI's Iveco truck business to operate 50/50 joint venture leveraging Iveco's engineering expertise and existing production and sales/service footprint Significant potential financial contribution from joint venture is incremental to existing Nikola North America model KEY BENEFITS Production alliance significantly de-risks truck manufacturing execution by providing: Global license to the S-Way platform - the most recently introduced Class 8 truck in the world Ability to leverage existing parts bin and capture purchasing savings Access to engineering support Potential assembly capabilities Enables Nikola to enter significantly larger European market 1. CNHI delivered 175,900 vehicles in 2018; includes trucks, buses, light commercial, and specialty vehicles N 15#16ROBUST BLUE CHIP DEMAND FOR A ZERO EMISSIONS TRANSPORTATION SOLUTION SUMMARY OF FCEV TRUCK RESERVATIONS PRIOR TO BOOK ADDITIONAL RESERVATIONS DETAIL FREEZE IN FALL 2019 # OF TRUCKS ● FCEV reservation book frozen; negotiating with strategic fleet partners to convert pre-orders to binding contracts with deposits for initial FCEV rollout Other Fleets with at least 100 Trucks Reserved ~1,500 10% ● All Other Reservations Holders ~5,300 36% TOTAL 14,602 FCEV TRUCKS ~$10.2B REALIZABLE VALUE Large Equipment Providers ~500 4% Large U.S. Fleet Owner ~5,000 34% AB Inbev 800 6% Large Truck Leasing Companies ~1,500 10% AB Inbev pre-order for 800 trucks represents a binding order Majority of FCEV reservations (~65%) reflect large corporate customers with investment grade credit ratings ● Nikola has over 14,000 FCEV truck pre-orders, with robust demand for newly introduced BEV truck ● Nikola BEV demand: following unveiling of Nikola BEV truck in Fall 2019, company has been engaged with potential strategic customers Discussion focused on multi-thousand truck pre-orders with binding contracts with significant deposits 12 months prior to delivery Robust BEV demand projected to fill first 2 -3 years of production FCEV demand equally robust, with reservation book projected to fill first 2+ years of production THEMES DRIVING DEMAND Commercial vehicle purchasing decision driven by Total Cost of Ownership (TCO) of vehicle, including cost of truck, fuel, and maintenance - Nikola's unique FCEV Bundled Lease model ensures TCO cost parity with diesel as well as TCO consistency and predictability for fleet operators Corporations are increasing focus and efforts to reduce greenhouse emissions in their value chains Coca-Cola Carrefour Walmart ups pepsi amazon N 16#17OVERVIEW OF NIKOLA'S ADDRESSABLE MARKET BEV/FCEV MARKET OPPORTUNITY(1) Global Class 8 Truck Market: ~$600B Total Addressable Market (2)/~7M Trucks in Service • BEV Short-haul Focus: U.S. Class 8 Truck Market ~$130B TAM (2)/~2M Trucks in Service • Service and Maintenance $29B 22% U.S. Class 8 Truck Market BREAKDOWN OF U.S. CLASS 8 $130B TAM Diesel $63B 49% Global Heavy Duty Truck Market O Truck $37B 29% KEY DRIVERS FOR ZERO EMISSION COMMERCIAL VEHICLE DEMAND Commercial vehicle buying decision driven by Total Cost of Ownership (TCO) The largest Class 8 fleets are replaced every 3-5 years on average — adoption of new technology is expected to be rapid once it passes TCO parity threshold ● • ● ● ● Nikola can service estimated $600B TAM with BEV and unique FCEV bundle pricing model that includes truck, fuel, and maintenance Increasingly stringent global emissions standards will increase comparative advantage of zero emissions vehicles relative to diesel In some cases, such as city centers, diesel will be banned entirely Governments, fleet owners, and other stakeholders are demanding a zero emissions solution N.A. CLASS 8 TRUCK SEGMENT STRATEGY FOR INITIAL ROLLOUT OF FCEV 1,800,000 CLASS 8 SEMI-TRUCKS ON THE ROAD DAILY(1) O -75% 1,350,000 TRUCKS 1. Includes both short-haul and long-haul heavy duty truck markets 2. Including vehicle, fuel, and service & maintenance; based on proprietary research from ACT Research ~25%+ 450,000 TRUCKS RUN ON DEDICATED ROUTES amazon Walmart PEPSICO SYSCO Anheuser Busch B. HUNT Ryder WERNER Ever better. GLOR SCHNEIDER U.S. XPRESS 11 ● Dedicated routes are primarily comprised of private fleets and dedicated operations of large for-hire carriers For initial rollout of FCEV, Nikola will target the largest private and dedicated fleets with either nationwide or significant regional distribution networks Focus on dedicated routes allows for targeted, capital-efficient deployment of hydrogen stations N 17#18NIKOLA'S ADVANTAGE: BUNDLED FCEV OFFERING SIGNIFICANTLY MORE ATTRACTIVE THAN DIESEL THE INDUSTRY'S FIRST-EVER "BUNDLED PRICING" 7-year lease/700,000 miles Lease includes the cost of truck, hydrogen fuel, repair, and maintenance Lease model eliminates payback period and technology risk for customers, enabling more rapid adoption ILLUSTRATIVE NIKOLA FCEV VS. DIESEL COST PER MILE $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Total TCO: $0.95 per Mile Includes all vehicle, service & maintenance, and fuel costs NIKOLA FCEV TCO Certainty Total TCO(2): ~$0.97 per Mile Fuel Cost: $0.51 per Mile Service & Maint: ~$0.21 per Mile Vehicle Payments: ~0.26 per Mile Traditional Diesel TCO Volatility Increasing cost of diesel operations due to tightening emission standards reinforces Nikola's bundled FCEV TCO advantage vs. traditional diesel truck ownership TOTAL COST OF OWNERSHIP CERTAINTY Historically, diesel fuel has comprised anywhere from 40-60% of total ownership costs(1). Nikola's Bundled Lease offers operators complete cost predictability at cost parity with diesel BETTER PERFORMANCE Outperforms diesel and battery trucks in range, horsepower and torque. Shorter recharge time than battery electric trucks ENHANCED SAFETY 6x2 drive, torque vectoring, faster stopping, lower center of gravity HYDROGEN SAFER THAN DIESEL Lower vapor pressure, will not form combustible mixture with air, harder to ignite, hydrogen dissipates into atmosphere Extensive safety testing performed by third-party experts ENVIRONMENTALLY FRIENDLY Zero emissions and nearly silent. Hydrogen stations powered by renewables AUTONOMOUS READY Enhanced autopilot, automatic braking, and automatic lane keeping standard on each vehicle 1. Based on prior 7 years' data from ATRI, excluding driver costs 2. Cost per mile data is based on proprietary research from ACT Research and ATRI's 2018 Operational Cost of Trucking; fuel is based on the prior 7 years' average given volatility of input costs N 18#19SINGLE FCEV TRUCK LEASE UNIT ECONOMICS PROJECTED CASH GENERATED PER TRUCK LEASE $665,000 LEASE REVENUE $188,174 $230,637 $46,760 TRUCK TOTAL SERVICE, MATERIALS & FUELING COST MAINT. AND LABOR OTHER $26,365 $173,064 STATION CASH PER CAPEX PER TRUCK LEASE LEASE Each individual FCEV truck lease is anticipated to have steady cash generation over the life of the lease (1) Projected Nikola Lease Model Economics" Gross Revenue Materials Labor direct and indirect Warranty Expense @ 3.0% of Truck Revenue Truck Cost Nikola Cost per kg of Hydrogen x kg of Hydrogen used over 700,000 miles @ 7.5 Miles/kg Hydrogen Cost Per Truck Lease (²) Service & Maintenance Cost @ $0.067/Mile Total Service & Maintenance Cost Total Cost of Nikola Lease Vehicle Profit Per Nikola Lease (Before Corporate G&A) (3) Vehicle Profit Margin (4) Station CapEx per Lease Cash Generated per Truck Lease (5) 1. Analysis does not include potential financing charges that may be incurred to securitize and monetize some portion of the Nikola lease 2. Hydrogen fuel cost includes all hydrogen station related operating expenses including electricity costs, water costs, station personnel cost, and hydrogen station maintenance 3. Vehicle profit presented before corporate general and administrative expenses 4. Assumes each station has a 21-year useful life and supports 210 truck leases during each 7-year lease period 5. Does not include any potential upside from truck residual value at the end of the lease $665,000 $173,624 7,500 7,050 $188,174 $2.47 93,333 $230,637 $46,760 $46,760 $465,571 $199,429 30.0% 1 $26,365 $173,064 N 19#20HYDROGEN STATIONS OVERVIEW ADVANTAGES OF HYDROGEN Heavy Duty Fuel Cell Vehicles are capable of having ranges & fueling times equal to that of today's diesel trucks Hydrogen Fuel Cell Vehicles have the same benefits of electric vehicles as they use the same electric motors (more horsepower, instant torque, zero emissions, etc.) while eliminating many issues derived from battery electric vehicles (long recharge times, limited range, cold start, added weight, etc.) ● H₂ ZERO EMISSIONS HYDROGEN FUEL CELL ECOSYSTEM OVERVIEW RENEWABLE POWER GENERATION Hydrogen fuel cell vehicles share the benefits of battery electric vehicles with an extended range for long-haul duty HEAVY DUTY FAST FUELING ONSITE CONVERSION OF ELECTRICITY TO HYDROGEN VIA ELECTROLYSIS nel: ONSITE HYDROGEN STORAGE SUPPLY LONGER RANGE FAST 70 MPA FUELING STATION N FAST 70 MPA HYDROGEN DISPENSER LESS WEIGHT HYDROGEN FUEL CELL VEHICLE N 20#21H₂ STATION ROLL-OUT DEDICATED SINGLE-STATION STRATEGY HYDROGEN STATION ROLL-OUT STRATEGY Hydrogen fueling stations will be built one at a time along dedicated routes, based on customer need and network optimization ● ● ● ● ● ~450,000 trucks, or ~25% of total fleets(²), operate along dedicated routes, typically between a plant and distribution center along major freight corridors Initial build out of 1,200 station equivalents (3) will be developed to serve this section of the market (based on 210 trucks per 8,000kg station) Station locations determined by pre-orders, selecting customers with routes along the most trafficked freight corridors First stations may potentially operate as hubs, allowing fleets to refuel within a 250-mile radius Projected average one-time station capex of $16.6M expected to support 630 leases over 21 years improvements in technology are expected to reduce capex by 10% in 2025 and beyond Targeting dedicated routes segment enables a focused roll out of H₂ station network to optimally manage capital outlay PROJECTED TOTAL STATION CAPEX One Time Station Related Capex Station Production and Fueling Equipment Land and Building Total Station CapEx 210 Trucks x 3 Product Cycles Total Station Capex per 7-year Truck Lease (1) NEL A-485 electrolyzer 50MPa Hydrogen 1,000kg/day 2.2MW Storage 1. Includes transformer/rectifier, electrolyzers, supply compressors, hydrogen storage, fueling station equipment, dispensers and installation 2. Management/industry source estimate 3. Equivalent of 1,200 stations producing 8,000kg; actual number of locations will likely vary as some stations will produce >8,000kgs $ $ Key Hydrogen Station Components $ 14,860,000 1,750,000 16,610,000 630 26,365 Dual H₂Station® Fueling 1,000kg/day two dispensers N 21#22III. NIKOLA TRUCK DEVELOPMENT STRATEGY AND TIMELINE N 22#23Milestones Engineering/ Design Purchasing/ Sourcing Vehicle Build NORTH AMERICA BEV TRUCK TIMELINE PROJECTED ROAD MAP TO FLEET TESTING (2020 – 2021) Plan: Take the current Iveco S-Way platform and electrify the powertrain Iveco Responsibilities: Cab, chassis, and vehicle integration Nikola Responsibilities: e-Axle (motors and inverters), battery pack, BMS, vehicle controls strategy, and infotainment • Production Strategy: 1) import units from Iveco's Ulm Facility, 2) CKD production in US, 3) full production in US Projected Schedule: ● ● ● Vehicle Validation Jan Feb Unveil first truck in Hanover on Sept. 24, 2020 Utilize Iveco's Ulm facility in Germany for prototype, pre-series, and low volume builds in 2020 and 2021 Begin limited testing with fleets in Q4 2020 Enter low volume production in Q1 2021 2020 Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Start Pilot Builds ENGINEERING & DEVELOPMENT IAA Hanover Show RELEASE ENGINEERING SUPPLIER IDENTIFICATION/ SOURCING SUPPLIER TOOLING BUILD COMPONENT/SUB-ASSEMBLY BUILD APQP PROCESS PROTOTYPE BUILDS / 3 BUCKETS OF 4 COMPONENT & BENCH VALIDATION Nikola's partnership with Iveco accelerates the development and production of a BEV truck, shortening its go-to-market strategy by 1 to 1 12 years 4 VEHICLE VALIDATION Mar Apr May Jun July Aug Sept Oct 2021 SOP (US MARKET- EU BUILD) PRE-SERIES BUILD Fleet Test Units PPAP Window Nov PRODUCTION BUILDS (ULM, GERMANY) 2022 Dec Jan Feb Mar Apr May Jun SOP (US MARKET - US BUILD) PRODUCTION (COOLIDGE, AZ) N 23#24Milestones Engineering/ Design Purchasing/ Sourcing Vehicle Build Validation NORTH AMERICA FCEV TRUCK TIMELINE PROJECTED ROAD MAP TO COMMERCIALIZATION (2020-2023) To achieve SOP milestone, Nikola's engineering, manufacturing, and testing must have a coordinated and collaborative understanding of the overall vehicle architecture Production-intent builds expected to begin at Beta Phase (2H 2021) 2020 2023 Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept ★ ★ SOP (Low Volume) Architectural Freeze ENGINEERING & DEVELOPMENT SOFT TOOLING BUILD COMP./SUB ASSM. BUILD 2021 COMPONENT VALIDATION Start Pilot Builds ENGINEERING & DEVELOPMENT SUPPLIER IN DENTIFICATION & SOURCING Low volume production for FCEV trucks expected to begin in Q1 2023 PROTOTYPE BUILD DESIGN VALIDATION BETA BUILD 2022 DESIGN VALIDATION VEHICLE VALIDATION PRODUCTION TOOLING BUILD RELEASE ENGINEERING COMP./SUB ASSM. BUILD TEST FLEET MILEAGE ACCUMULATION GAMMA (7 units) VEHICLE VALIDATION PRE-SERIES PRODUCTION BUILD N 24#25IV. FINANCIALS N 25#26NORTH AMERICA FINANCIAL OVERVIEW NORTH AMERICA FINANCIAL SUMMARY $M, UNLESS OTHERWISE NOTED BEV Trucks Sold (# of Units) FCEV Trucks Sold (# of Units) H2 Stations Completed (# of Units) BEV Truck Revenue FCEV Truck Revenue FCEV Service & Maintenance Revenue FCEV Hydrogen Revenue Total Revenue % Growth (-) Cost of Goods Sold Gross Profit Gross Profit Margin (-) Operating Expenses EBIT EBIT Margin (+) Depreciation & Amortization EBITDA EBITDA Margin Net Working Capital % of Revenue Truck Manufacturing Facility, Equipment & Other Capex H2 Stations & Equipment Capex Total Capital Expenditures % of Revenue ● Financial projections below only cover North America business and do not reflect potential upside from 50/50 JV in Europe or government incentives 2020P Key Income Statement Drivers Income Statement Items nm nm (222) (222) nm 11 ($211) nm ($9) nm 2021P (156) ($156) nm 600 $150 150 nm (112) 38 20 ($245) (163.3%) Balance Sheet and Cash Flow Items 25.2% (303) (265) (176.9%) $20 13.4% (293) (6) ($298) 198.7% 2022P 1,200 $300 300 100.0% (242) 58 19.2% (274) (216) (72.0%) 41 ($175) (58.4%) $41 13.8% (196) (100) ($296) 98.6% 2023P 3,500 2,000 10 $875 470 13 56 1,414 371.4% (1,113) 301 21.3% (416) (114) (8.1%) 48 ($66) (4.6%) $201 14.2% (64) (305) ($368) 26.0% North America BEV production projected to begin in 2021; North America FCEV production projected to begin in 2023 $3.2B of revenue expected by 2024 Expected steady state EBITDA margins of >25% 2024P 7,000 5,000 24 $1,750 1,175 56 245 3,226 128.1% (2,507) 719 22.3% (574) 145 4.5% 68 $213 6.6% $476 14.8% (34) (639) ($673) 20.9% N 26#27NIKOLA N TRANSPORTING THE FUTURE TO NOW.