Nikola Investor Day Presentation Deck

9 / PAGE V1OXIN ADDITIONAL REVENUE GENERATION & INCOME OPPORTUNITIES ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE OPPORTUNITY 50/50 European JV with IVECO DISPENSING CREDITS H₂ PRODUCTION TAX CREDITS ㅜㅜ REVENUE MODEL Ulm production capacity Allocation to Nikola ASP REVENUE Eligible H₂ kg dispensed LCFS credit/ kg REVENUE PER SATION Eligible H₂ kg Produced Production Tax Credit / kg REVENUE PER HUB [# units] 50% $$ Nikola units x $$ [# of kgs] $$ kg x $$ [# of kg] $$ Kg x $$ 1) JV is a contract manufacturer selling Nikola & IVECO trucks at cost-plus 5% markup. Nikola and IVECO will sell trucks through their respective distribution channels in the EU market - DESCRIPTION Nikola and IVECO purchase trucks from the JV for sale in the EU market (1) LCFS Credits are currently available in California, Oregon, and Washington, and likely to expand Production Tax Credits are currently being considered (45Q, PTC, etc.). If formally adopted, would serve to reduce overall NET cost of production

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