Nikola SPAC Presentation Deck

NORTH AMERICA FCEV TRUCK TIMELINE PROJECTED ROAD MAP TO COMMERCIALIZATION (2020-2023) • To achieve SOP milestone, Nikola's engineering, manufacturing, and testing must have a coordinated and collaborative understanding of the overall vehicle architecture Production-intent builds expected to begin at Beta Phase (2H 2021) 2020 2021 2022 2023 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun ★ ★ * SOP Milestones Eng. Kick Off Start Pilot Builds (Low Volume Engineering / Design Vehicle Build Purchasing/ Sourcing Vehicle Validation Arch Freez ENGINEERING AND DEVELOPMENT (BETA) ENGINEERING AND DEVELOPMENT (GAMMA) SUPPLIER IDENTIFICATION/SOURCING Low volume production for FCEV trucks expected to begin in Q1 2023 TOOLING BUILD COMPONENT VALIDATION COMPONENT/SUB ASSEMBLY BUILD BETA BUILD TEST FLEET MILEAGE ACCUMULATION DESIGN VALIDATION RELEASE ENGINEERING GAMMA BUILD PRODUCTION BUILD TEST FLEET MILEAGE ACCUMULATION PRODUCTION VALIDATION

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