Investor Presentation

Transaction overview and valuation Strong top and bottom line growth relative to peers Global Players Regional Players Revenue growth CAGR projection (2022E-2025E) 78% 18% + T TESLA 2024E/2025E gross margin 85% Global Players EBIT growth projection (2024E-2025E) 55% 35% 130% 25% NM LUCID PENG NIO + - UCID TESLA 2024E/2025E EBIT margin 24% 24% 20% 22% 21% 22% 20% 20% 14% 15% 18% 19% 9% 5% + T LUC TESLA Note: Market date as of Sep 23, 2021 Source: FactSet, Company information, Management estimates « NIO X PENG Core Peers Regional Players 408% PENG 8% 5% 5% 113% « NIO 40 4% 1% (2%) + ↑ UCID NIO X PENG TESLA Chinese EV Peers

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