Nikola Investor Day Presentation Deck

84 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

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