Nikola SPAC Presentation Deck

FCEV CONTRIBUTION MARGIN BREAKDOWN ILLUSTRATIVE CASH GENERATED PER TRUCK LEASE AT FULL TRUCK PLANT AND HYDROGEN STATION UTILIZATION -$665K LEASE REVENUE -$185K -27-30% TRUCK COST Page: 47 -$230K -33-36% Page: 48 Service & maintenance @-50.07/mile TOTAL FUELING COST¹ FCEV truck contribution margin expected to be in the range of "25 -34% at steady-state -25-34% LEASE CONTRIBUTION MARGIN BEFORE CORPORATE G&A -$45K -7-9% SERVICE & MAINTENANCE Page: 49 -$200K -25-34% -$25K LEASE CONTRIBUTION MARGIN (BEFORE CORPORATE G&A) Nikola plans to partly monetize lease revenue up-front through lease securitization Page: 50 STATION CAPEX PER LEASE Note: Analysis does not include potential financing charges that may be incurred to securtize and monetize some portion of the Nikola lease 1 Hydrogen fuel cost includes all hydrogen station related operating expenses including electricity costs, water costs, station personnel cost, and hydrogen station maintenance 2. Vehicle profit presented before corporate general and administrative expenses 3. Assumes each station has a 21-year useful life and supports 210 truck leases during each 7-year lease period 4 Does not include any potential upside from truck residual value at the end of the lease -$175K -20-30% CASH MARGIN PER TRUCK LEASE ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY

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