Nikola Investor Day Presentation Deck

55 PAGE VTOMIN HYDROGEN MARKET DRIVERS $6.26 AZ Hub $6.04 Illustrative, as of March 2022(1) $4.78 $5.19 $4.87 $4.65 $5.26 $5.34 $4.94 WVR Hub Regional Diesel Pricing ENTRY & EXPANSION DRIVERS TCO competitive with diesel Favorable production economics in region. Supportive government legislation High customer density Ability to leverage existing infrastructure ● ● ● ● ● 1) PADD - "Petroleum Administration for Defense Districts"; Source: US Energy Information Administration ("EIA") Form EIA-888; US Diesel Prices - https://gasprices.aaa.com/state-gas-price-averages/as of 21-March-2022; CAD Diesel Prices - https://www.caa.ca/gas-prices/ as of 21-Mar-2022

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