Nikola SPAC Presentation Deck

POWERED BY A UNIQUE BUSINESS STRATEGY KEY NIKOLA FACTS Founded in 2015 by Trevor Milton Based in Phoenix, AZ with ~250 employees +14,000 FCEV truck reservations to-date (~$10B sales value), with robust demand for newly-introduced BEV truck +$500M of capital raised to-date(¹) CORE BUSINESS 1. BUSINESS MODEL COMPONENT TARGET USE CASE • ● BEV Truck BEV powered truck Industry-leading range of up to 300 miles Leverage existing FCEV work and partnership with CNHI to co-develop BEV truck for production in the next 12-18 months Shorter-haul ● ● ● FCEV Truck H₂ FCEV powered truck 500-750 mile range Attractive "bundle pricing" model (truck, fuel, maintenance) Long-haul • Complementary offerings: with significant overlap in components; BEV and FCEV address different use cases ● Together, the distinct business offerings enable disruption across the "Green-to-Wheel" value chain OVERVIEW OF STRATEGIC PARTNERSHIPS CNI WABCO EDAG AVL INDUSTRIAL nel. Ryder Ever better. H₂ Stations Economically produce H₂ fuel via electrolysis Initial methodical roll-out of targeted station development along "dedicated routes" Electricity input (grid, solar, wind) purchased via long-term supply agreements H₂ Production and Refueling of FCEV PLATFORM ENABLED ● . ● BOSCH Autonomous Ready Level 4 hardware standard Automatic braking and lane keeping Full fleet management solutions and data capturing Over-the-air software updates Significantly increases addressable market vs. truck offering alone Amount includes in-kind contribution of services from CNHI (see slide 12 for additional detail); does not include capital from VectolQ transaction Capacity-as-a-Service Grid Storage and BEV Charging Leverage technology and infrastructure to act as a grid buffer and to capture intermittent energy sources Provide BEV charging solutions to short-haul customers Energy-as-a-Service Additional growth opportunities based on truck and H₂ station platform N 11

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