Nikola SPAC Presentation Deck

Milestones Engineering/ Design Purchasing/ Sourcing Vehicle Build NORTH AMERICA BEV TRUCK TIMELINE PROJECTED ROAD MAP TO FLEET TESTING (2020 – 2021) Plan: Take the current Iveco S-Way platform and electrify the powertrain Iveco Responsibilities: Cab, chassis, and vehicle integration Nikola Responsibilities: e-Axle (motors and inverters), battery pack, BMS, vehicle controls strategy, and infotainment • Production Strategy: 1) import units from Iveco's Ulm Facility, 2) CKD production in US, 3) full production in US Projected Schedule: ● ● ● Vehicle Validation Jan Feb Unveil first truck in Hanover on Sept. 24, 2020 Utilize Iveco's Ulm facility in Germany for prototype, pre-series, and low volume builds in 2020 and 2021 Begin limited testing with fleets in Q4 2020 Enter low volume production in Q1 2021 2020 Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Start Pilot Builds ENGINEERING & DEVELOPMENT IAA Hanover Show RELEASE ENGINEERING SUPPLIER IDENTIFICATION/ SOURCING SUPPLIER TOOLING BUILD COMPONENT/SUB-ASSEMBLY BUILD APQP PROCESS PROTOTYPE BUILDS / 3 BUCKETS OF 4 COMPONENT & BENCH VALIDATION Nikola's partnership with Iveco accelerates the development and production of a BEV truck, shortening its go-to-market strategy by 1 to 1 12 years 4 VEHICLE VALIDATION Mar Apr May Jun July Aug Sept Oct 2021 SOP (US MARKET- EU BUILD) PRE-SERIES BUILD Fleet Test Units PPAP Window Nov PRODUCTION BUILDS (ULM, GERMANY) 2022 Dec Jan Feb Mar Apr May Jun SOP (US MARKET - US BUILD) PRODUCTION (COOLIDGE, AZ) N 23

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