Nikola Investor Day Presentation Deck

PAG V1OXIN DIFFERENTIATED BUSINESS MODEL Unlike many competitors, Nikola intends to capture revenue throughout the entire commercial transport ecosystem ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE GLOBAL MARKET OPPORTUNITY (1) ~$600B TAM GLOBAL COMMERCIAL TRANSPORT ECOSYSTEM ~7M Trucks in Service a $118B TAM (1) GLOBAL CLASS 8 TRUCKS BEV Sales directly to customers (2) FCEV Sales via bundled lease (2) 1) 2) Company estimates; subject to change Based on proprietary research from ACT Research NORTH AMERICA: $128B TAM FUEL SERVICE TRUCK TOOL ☹ $367B TAM(1) HYDROGEN FUEL ~$36B Sales to FCEV bundled lease customers (2) Sales to 3rd party customers Other commercial vehicles Passenger vehicles O ~$63B • ویر ~$29B $112B TAM (1) GLOBAL CLASS 8 TRUCK SERVICE Nikola bundled lease customers (2) 3rd party BEV or FCEV customers 3) 4) 5) 6) FCEV BUNDLED LEASE Illustrative - actuals may vary Opportunity for Nikola to capture significantly more revenue per unit sold compared to traditional model TRADITIONAL MODEL (3) VEHICLE (4) VOLVO PACCAR DAIMLER ~$231K FUEL (5) Chevron ExxonMobil ~$413K SERVICE (6) Ryder PENSKE ~$105K - $749,000 Fragmented value stream VS. NIKOLA MODEL VEHICLE N FUEL N SERVICE N - 100% of value to Nikola and Partners Estimated Total Cost of Ownership for traditional model in 2022 based on 7 years ownership Represents cost of $170k ICE truck financed over 7-years or 700k miles Based on DOE weekly avg. US diesel price for Jan - Mar 2022 x fuel efficiency of 6.7mpg x 700k miles Assumes $0.17/mile over 700k miles (per ATRI cost of trucking 2021)

View entire presentation