Nikola SPAC Presentation Deck

OTHER NIKOLA PROGRAMS BADGER & POWERSPORTS STRATEGY Programs provide significant benefit to core semi-truck and H₂ station programs, including: Branding halo, driving awareness of Nikola and its industry-defining technology R&D synergies on electric drivetrain, battery technology. and other core components Nikola is pursuing business models for Badger and PowerSports that will provide financial upside with minimal capital outlay or management distraction Management team remains focused on core semi-truck and H₂ station programs and executing on Nikola's business plan Nikola can leverage zero emission powertrain expertise to address transportation adjacencies BADGER PICKUP TRUCK • 600 miles on blended FCEV / BEV • 300 miles on BEV alone • Operates on blended FCEV / BEV or BEV only by touch of a button POWERSPORTS NIKOLAINZT FULLY-ELECTRIC FOUR-SEATER OHV MICHAEL ERICKSON, PRESIDENT OF POWERSPORTS Honeywell OUT Leads Nikola PowerSports business An energy and powersports Industry veteran 906 HP peak/455 HP continuous 980 ft. lbs. of torque 160 kWh, flooded module - lithium-ion battery and 120 kW fuel cell RECKLESS MILITARY GRADE FULLY-ELECTRIC TACTICAL OHV ANDREW CHRISTIAN, VP.BD/DEFENSE POWERSPORTS Retired from Marine Corps with 28+ years of active duty service Marine Special Operations Officer and combat veteran NIKOLA WAV FULLY-ELECTRIC SIT-DOWN PERSONAL WATERCRAFT JORDAN DARLING, VP, POWERSPORTS FREE FORM Oversees Power Sports division of both UTVs and watercraft Founder of Free Form Factory 15

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