Nikola Results Presentation Deck

NIKOLA. PAGE / 3 INVESTMENT THESIS Lead the Transition to Clean Commercial Transportation by Building and Managing the Zero-Emission Trucks and H₂ Fueling Ecosystem CLASS 8 TRUCKS + H₂ FUELING ECOSYSTEM 10: TREBEV AL PRODUCTION (3) TREFCEV Loca Nikola Energy Supply & Trading (ES&T) (3) 1) Based on proprietary research from ACT Research for BEV and FCEV 2) Company estimates; subject to change 3) Tre BEV in Production; Tre FCEV in beta NEXT GEN T DISPENSING 11 GLOBAL MARKET OPPORTUNITY (1) ~$600B TAM GLOBAL COMMERCIAL TRANSPORT ECOSYSTEM ~7M Trucks in Service $118B TAM (1) GLOBAL CLASS 8 TRUCKS ● BEV Sales directly to customers (2) FCEV Sales via bundled lease (2) ● NORTH AMERICA: $128B TAM TRUCK FUEL SERVICE O O TOOL $367B TAM (1) O ~$36B ☹ HYDROGEN FUEL Sales to FCEV bundled lease customers (2) Sales to 3rd party customers Other commercial vehicles Passenger vehicles ~$63B ویر ● ~$29B $112B TAM (1) GLOBAL CLASS 8 TRUCK SERVICE Nikola bundled lease customers (2) 3rd party BEV or FCEV customers

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