Nikola Mergers and Acquisitions Presentation Deck

V PAGE/ NIKOLA COMPELLING STRATEGIC RATIONALE 1 Vertical integration and single product focus allow significant opportunity for operational improvement and cost reduction for one of the most expensive components of the Bill of Materials (BOM) 2 NIKOLA. ROMEO POWER 1) Battery Management System 5 Integrated commercial vehicle electrification platform will lead to manufacturing excellence and expected annual cost savings of up to $350mm by 2026 3 4 Provides Nikola with domestic battery pack manufacturing capability, complementing Nikola's commitment to dual-source battery pack strategy to satisfy capacity needs Proven battery pack technologies and a significant battery cell supply agreement in place Brings deep battery and BMS (¹) engineering capabilities in-house with minimal capital outlay; expected to accelerate Nikola's product development, increase range and charge rates, and improve customer experiences 6 Nikola is Romeo's largest production customer, and the parties have strong ongoing engineering collaboration

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