Nikola Investor Day Presentation Deck

90 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

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