Nikola SPAC Presentation Deck

OVERVIEW OF NIKOLA'S ADDRESSABLE MARKET BEV/FCEV MARKET OPPORTUNITY(1) Global Class 8 Truck Market: ~$600B Total Addressable Market (2)/~7M Trucks in Service • BEV Short-haul Focus: U.S. Class 8 Truck Market ~$130B TAM (2)/~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 $37B 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(1) 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 Anheuser Busch B. HUNT Ryder WERNER Ever better. GLOR SCHNEIDER U.S. XPRESS 11 ● 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 N 17

View entire presentation