Nikola SPAC Presentation Deck
OPERATIONAL BENCHMARKING
NIKOLA METRICS DO NOT INCLUDE POTENTIAL INCREMENTAL UPSIDE
FROM 50/50 EUROPE JV
REVENUE GROWTH
2022E-2025E CAGR FOR NIKOLA: 2019E-2021E FOR PEERS (9)
Median: 48.9%
165.9
NIKOLA
EBITDA MARGIN
2020E FOR PEERS (%)
11.8
-25.0
451.5
48.9
28.2
NIO TESLA
Median: (19.4%)
13.6
(52.4)
TESLA NIO
NM
49.1
Median: 30.4%
9.2
31.2
29.7
nel BALLARDO Bloomenergy
Bloomenergy
Median: (1.6%)
6.7
Nikola's projected growth and future margin
profile expected to be best-in-class
compared to key peers
(9.9)
2025E Run-Rate
NIKOLA
Market data as of February 28, 2020
Future Transportation Peers
1 Represents 2019A-2021E CAGR for Tesla, Virgin Galactic, PACCAR, and Volvo
2. Future Transportation Peers include NIO (NIO). Tesla (TSLA), and Virgin Galactic (SPCE)
3. Fuel Cell Technology Peers include Ballard (BLDP), Bloom Energy (BE). Nel (NEL), and Plug Power (PLUG)
4. Commercial Vehicle Peers include Navistar (NAV), PACCAR (PCAR), Traton (8TRA), and Volvo (VOLV B)
7.2
(11.9)
PLUG
POWER nel BALLARD
(0.6)
13.1
Median: (4.2%)
TRATON NAVISTAR
Fuel Cell Technology Peers(3)
(2.8)
(5.6)
Median: 11.0%
11.9
10.1
(10.3)
PACCAR
8.1
PACCAR TRATON NAVISTAR
Commercial Vehicle Peers(4)View entire presentation