Nikola Investor Day Presentation Deck

86 PAGE VOXIN FCEV UNIT ECONOMICS ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE 1) 2) GROSS MARGIN At Launch 2H'23 TRE FCEV (75%) - (60%) 2,400 2024 2H 2023 Launch of Tre FCEV Break-even or positive gross margin expected in 2024 Coolidge capacity ~20,000 total units at 2023 launch Current Capacity 2022 EXPECTED BREAKEVEN COOLIDGE MFG CAPACITY (2) 45,000 Phase 3.0 Capacity 2024 Steady State (1) EXPECTED -20% GM Capacity ONLY Steady state production expected in 2026+ Capacity = # of trucks the manufacturing facility is capable of building per annum. Volume = actual # of trucks SOLD per annum, subject to market penetration, ZEV adoption, supply chain, etc [ BUNDLED LEASE ~40% ویرو -50%-10%

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