Nikola SPAC Presentation Deck

NIKOLA'S ADVANTAGE: BUNDLED FCEV OFFERING SIGNIFICANTLY MORE ATTRACTIVE THAN DIESEL THE INDUSTRY'S FIRST-EVER "BUNDLED PRICING" - 7-year lease/700,000 miles - Lease includes the cost of truck, hydrogen fuel, repair, and maintenance - Lease model eliminates payback period and technology risk for customers, enabling more rapid adoption PROJECTED NIKOLA FCEV VS. DIESEL COST PER MILE $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Total TCO: $0.95 per Mile Includes all vehicle, service & maintenance, and fuel costs NIKOLA FCEV TCO Certainty Total TCO $0.97 per Mile Fuel Cost: $0.51 per Mile Service & Maint $0.21 per Mile Vehicle Payments: 0.26 per Mile Traditional Diesel TCO Volatility Increasing cost of diesel operations due to tightening emission standards reinforces Nikola's bundled FCEV TCO advantage vs. traditional diesel truck ownership TOTAL COST OF OWNERSHIP CERTAINTY Historically, diesel fuel has comprised anywhere from 40-60% of total ownership costs. Nikola's Bundled Lease offers operators complete cost predictability at cost parity with diesel BETTER PERFORMANCE Outperforms diesel and battery trucks in range, horsepower and torque. Shorter recharge time than battery electric trucks ENHANCED SAFETY 6x2 drive, torque vectoring, faster stopping, lower center of gravity HYDROGEN SAFER THAN DIESEL Lower vapor pressure, will not form combustible mixture with air, harder to ignite, hydrogen dissipates into atmosphere Extensive safety testing performed by third-party experts ENVIRONMENTALLY FRIENDLY Zero emissions and nearly silent. Hydrogen stations powered by renewables AUTONOMOUS READY Enhanced autopilot, automatic braking, and automatic lane keeping standard on each vehicle 1 Based on prior 7 years data from ATRI, excluding driver costs 2. Cost per mile data is based on proprietary research from ACT Research and ATRI's 2018 Operational Cost of Trucking: fuel is based on the prior 7 years average given volatility of input costs

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