Nikola SPAC Presentation Deck

OPPORTUNITIES FOR INCREMENTAL UPSIDE TO NIKOLA'S BUSINESS MODEL IV EUROPE JOINT-VENTURE WITH IVECO Joint Venture with CNHI Iveco to de-risk truck manufacturing execution • Joint Venture structure requires minimal incremental investment from Nikola NIKOLA IVECO RESIDUAL VALUE OF FCEV TRUCKS NIKOLAITWO NIKOLA TRE AUTONOMOUS DRIVING POWERSPORTS NIKOLAINZT RECKLESS NIKOLA Nikola's current framework does not take into account several significant opportunities for incremental upside OTHER INCREMENTAL UPSIDE OPPORTUNITIES • Products to be produced in existing CNHI Iveco facilities and utilize its extensive distribution and service network • Planned start of BEV and FCEV Nikola Tre production in Europe from Q1 2022 and 2H 2023, respectively Nikola's model assumes $0 residual value for FCEV trucks that are coming off lease • After the initial 7 year, or 700,000 mile lease, there will likely be an opportunity to re-sale or re-lease the asset to capture incremental upside • Opportunity to recycle and refurbish certain components of Nikola's FCEV after one lease cycle which could help drive down average BOM cost for Nikola's FCEV - Nikola's vehicles are designed with a space claim for an autonomous driving hardware suite • Our dedicated route customers, operating point-to-point, provides ideal testing environment for development of autonomous driving technology • Our commercial agreement with Anheuser-Busch ("AB"), allows Nikola to charge an additional rate per mile driven autonomously • PowerSports has a world-class management team that will operate with high degree of independence • Nikola is pursuing a business model for PowerSports that will provide financial upside with minimal capital outlay or management distraction (i.e. OEM partnership, JV, etc.) Government Incentives for the manufacturing and production of zero-emissions vehicles and hydrogen stations and clean energy not included in Nikola's model • Customer Deposits-During initial production Nikola will likely require a significant deposit to secure final customer orders prior to vehicle delivery • Nikola Badger-Represents significant potential upside, but will only be produced via partnership with third-party OEM thus ensuring minimal capital outlay or management distraction N 42

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