Nikola Investor Day Presentation Deck

85 PAGE VTOMIN BEV UNIT ECONOMICS ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE Labor, OH, Warranty, Freight $125K BOM $375K GROSS MARGIN 1) Steady state production expected in 2025+ 2022 Guidance (75%) - (60%) $300K Sales Price ($500K) COGS TRE BEV ($200K) Gross Profit (60%) Gross Margin 2023 EXPECTED POSITIVE GM Steady State (1) VOLUME INCREASE EXPECTED -20% GM KEYS TO COST REDUCTION BILL OF MATERIALS REDUCTION SUPPLY CHAIN LOCALIZATION OTHER ECONOMIES OF SCALE

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