Nikola SPAC Presentation Deck

EXPECTED FCEV COSTS OF GOODS SOLD COMPONENTS OF FCEV COGS AS % OF TRUCK PRICE PRICE MATERIALS (COGS) OTHER (COGS) GROSS PROFIT -6-6.5% -16.5-24% -70-77% FCEV COGS are driven by materials, yielding an expected vehicle contribution margin of "16.5 -24% at steady-state -$235k FULL TRUCK PLANT UTILIZATION KEY CONSIDERATIONS • Initial price point Sales price in-line with market competition Material COGS estimated bottom-up taking count of all required components, quantity needed and total purchase price (based on input from industry suppliers) • Hydrogen tanks and fuel cell represent the largest cost items - Other COGS are split between direct labor cost (-40%), indirect labor cost (-10%) and cost of warranty (-50%) . 3 • Labor cost estimated based on number of manufacturing and plant personnel needed to produce expected FCEV volume • Warranty estimated based on historical cost for truck OEMs TRUCK COGS BOOKED IN P&L SIMULTANEOUSLY WITH LEASE STARTS INVENTORY COSTS INCURRED AS FCEV TRUCKS ARE PRODUCED P&L effect 1 Warranty Week: Automotive OEM Warranty Report (4 April 2019); Warranty Weeic Automotive OEM Warranty Report (21 July 2016) 2. Illustrative vehicle contribution based on lease revenue allocated to truck (revenue allocation still under consideration) does not include plant depreciation expenses ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY Cash flow effect

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