Nikola SPAC Presentation Deck

EXPECTED BEV COSTS OF GOODS SOLD BEV COGS COMPONENTS AS % OF TRUCK PRICE PRICE MATERIALS (COGS) OTHER (COGS) GROSS PROFIT -7% -22.5-30% -63-70% BEV COGS are mainly comprised of materials, resulting in expected vehicle gross profit margin of "22.5% - 30% at steady-state -$250k FULL TRUCK PLANT UTILIZATION KEY CONSIDERATIONS • Initial price point Sales price in-line with market competition Material COGS estimated bottom-up taking count of all required components, quantity needed and total purchase price (based on input from industry suppliers) . Battery pack represents the single largest cost item • Other COGS is split between direct labor cost (~32%), indirect labor cost (~11%) and cost of warranty (-57%) 3. Labor cost estimated based on number of manufacturing and plant personnel needed to produce planned BEV volume • Warranty estimated based on historical cost for HD truck OEMs TRUCK COGS BOOKED IN P&L SIMULTANEOUSLY AS TRUCK SALE INVENTORY COSTS INCURRED AS BEV TRUCKS ARE PRODUCED 1. Warranty Week: Automotive OEM Warranty Report (4 April 2019); Warranty Weeic Automotive OEM Warranty Report (21 July 2016) 2. Illustrative Gross Profit does not include plant depreciation expenses ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY P&L effect Cash flow effect 44

View entire presentation