Nikola SPAC Presentation Deck

OVERVIEW OF NIKOLA'S ADDRESSABLE MARKET BEV/FCEV MARKET OPPORTUNITY Global Class 8 Truck Market: - "$600B Total Addressable Market/"7M Trucks in Service BEV Short-haul Focus: U.S. Class 8 Truck Market • "$130B TAM/"2M Trucks in Service Service and Maintenance $29B 22% U.S. Class 8 Truck Market BREAKDOWN OF U.S. CLASS 8 $130B TAM Diesel $63B 49% Global Heavy Duty Truck Market O Truck $378 29% KEY DRIVERS FOR ZERO EMISSION COMMERCIAL VEHICLE DEMAND • Commercial vehicle buying decision driven by Total Cost of Ownership (TCO) • The largest Class 8 fleets are replaced every 3-5 years on average - adoption of new technology is expected to be rapid once it passes TCO parity threshold Nikola can service estimated $600B TAM with BEV and unique FCEV bundle pricing model that includes truck, fuel, and maintenance • Increasingly stringent global emissions standards will increase comparative advantage of zero emissions vehicles relative to diesel • In some cases, such as city centers, diesel will be banned entirely Governments, fleet owners, and other stakeholders are demanding a zero emissions solution N.A. CLASS 8 TRUCK SEGMENT STRATEGY FOR INITIAL ROLLOUT OF FCEV 1,800,000 CLASS 8 SEMI-TRUCKS ON THE ROAD DAILY O -75% 1,350,000 TRUCKS 1 Includes both short-haul and long-haul heavy duty truck markets 2 Including vehicle, fuel, and service & maintenance, based on proprietary research from ACT Research -25%+ 450.000 TRUCKS RUN ON DEDICATED ROUTES amazon Walmart: PEPSICO SYSCO S Byder WERNER SCHNEIDER S, APRESS I • Dedicated routes are primarily comprised of private fleets and dedicated operations of large for-hire carriers • For initial rollout of FCEV, Nikola will target the largest private and dedicated fleets with either nationwide or significant regional distribution networks . Focus on dedicated routes allows for targeted, capital-efficient deployment of hydrogen stations

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