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; 2019A-202 1E FOR PEERS (96) 165.9 NIKOLA EBITDA MARGIN 2020E FOR PEERS (96) 11.8 -25.0 2025E Run-Rate NIKOLA 493.2 Median: 46.1% 46.1 24.7 NIO TESLA Median: (20.2%) 13.0 - (52.4) TESLA NIO NM 44.3 Median: 28.2% 6.2 31.0 POWER PLUG POWER nel BALLARD Bloomenergy . 25.5 Median: (6.0%) 4.5 Nikola's projected growth and future margin profile expected to be best-in-class compared to key peers 14.4 Future Transportation Peers Market data as of March 27, 2020 1 Future Transportation Peers include NIO (NIO), Tesla (TSLA), and Virgin Galactic (SPCE) 2. Fuel Cell Technology Peers Include Ballard (BLDP), Bloom Energy (BE), Nel (NEL), and Plug Power (PLUG) 3 Commercial Vehicle Pees include Navistar (NAV), PACCAR (PCAR), Traton (STRA) and Volvo (VOLV 8) (16.5) (17.2) Bloomenergy nel BALLARD (1.5) (4.3) Median: (5.2%) TRATON NAVISTAR 12.7 Fuel Cell Technology Peers (6.1) Median: 10.8% 12.0 9.7 (11.0) PACCAR Z9 PACCAR TRATON NAVISTAR Commercial Vehicle Peers

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