Nikola SPAC Presentation Deck

EXPECTED DEVELOPMENT OF KEY OPEX ITEMS EXPECTED DEVELOPMENT OF KEY OPEX ITEMS PERSONNEL COST NON- CAPITALIZED R&D SG&A EXPENSES Headcount (ex. manufacturing & plant personnel and hydrogen station personnel) $M $M -220 2019 Note: 1 Fully loaded employee cost 48 2019 -400 2020 11 2019 -500 2021 2020 -2X -600 2022 <-700 -730 2023 1.3-1.5X 2020 2021 2024 KEY CONSIDERATIONS • Headcount expected to increase from 2019 due to new hires in the engineering /development department amongst other . From 2024 headcount is expected to grow stable at ~2% p.a. • Average employee cost of $133K in 2019. Expected to increase by -14-15% in 2020, and remain stable afterwards • Direct labor costs covered in COGS - not included in personnel costs Increase from 2019 to 2020 driven by outsourced R&D development primarily for truck development (e.g. in-kind services from Iveco (non- cash) and truck cab development) R&D expected to increase further in 2021 mainly due to outside development expenses and purchased components R&D as % of sales expected to decrease from -40% in 2022 to below -10% in 2023, and then further to below 5% in the next few years SG&A expected to increase by-2x from 2019 to 2020 due to increased travel expenses and marketing spending SG&A as % of sales expected to decrease from ~15% in 2021 towards -8-9% over the next few years ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY 52

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