Nikola SPAC Presentation Deck

POWERED BY A UNIQUE BUSINESS STRATEGY KEY NIKOLA FACTS Founded in 2015 by Trevor Milton Based in Phoenix, AZ with ~250 employees • +14,000 FCEV truck reservations to-date ("$10B sales value), with robust demand for newly-introduced BEV truck +$500M of capital raised to-date CORE BUSINESS 1 BUSINESS MODEL COMPONENT TARGET USE CASE BEV Truck • BEV powered truck Industry-leading . range of up to 300 miles Leverage existing FCEV work and partnership with CNHI to co-develop BEV truck for production in the next 12-18 months Shorter-haul FCEV Truck • H₂ FCEV powered truck 500-750 mile range . • Attractive "bundle pricing" model (truck, fuel, maintenance) Long-haul Complementary offerings: with significant overlap in components; BEV and FCEV address different use cases Together, the distinct business offerings enable disruption across the "Green-to-Wheel" value chain OVERVIEW OF STRATEGIC PARTNERSHIPS CNH WABCO EDAG AVL INDUSTRIAL BOSCH nel . Ryder 40 Ever better H₂ Stations • Economically produce H₂ fuel via electrolysis • Initial methodical roll-out of targeted station development along "dedicated routes" Electricity input (grid, solar, wind) purchased via long-term supply agreements H₂ Production and Refueling of FCEV PLATFORM ENABLED Autonomous Ready • Level 4 hardware standard Automatic braking and lane keeping • Full fleet management solutions and data capturing • Over-the-air software updates Capacity-as-a-Service Significantly increases addressable market vs. truck offering alone Amount includes in-kind contribution of services from CNHI (see slide 12 for additional detail) does not include capital from Vectol0 transaction Grid Storage and BEV Charging Leverage technology and infrastructure to act as a grid buffer and to capture intermittent energy sources • Provide BEV charging solutions to short-haul customers Energy-as-a-Service Additional growth opportunities based on truck and H₂ station platform

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