Nikola SPAC Presentation Deck

EXPECTED COST OF SERVICE AND MAINTENANCE PARTNERSHIP WITH RYDER Ryder Signed service agreement with Ryder Systems in 2016 Ryder to act as service and maintenance provider of leased FCEV trucks Ryder is one of the largest truck leasing companies in the U.S. with over 800 service centers and 6,000 highly trained technicians EXPECTED SERVICE AND MAINTENANCE COST PER LEASE Service and maintenance cost per mile Service and maintenance cost per lease -$0.07 700K ~$47K Miles included per lease S&M COGS BOOKED IN P&L AS INCURRED Projected cost of service and maintenance of "$0.07 per mile for FCEV trucks (~60% lower than diesel) EXPECTED FCEV SERVICE AND MAINTENANCE COST PER 1,000 DRIVEN MILES AS % OF DIESEL TRUCK SERVICE AND MAINTENANCE COST S&M COGS INCURRED AS SERVICE & MAINTENANCE IS PROVIDED P&L effect Cash flow effect Source: Arthur D. Little: Battery Electric Vehicles vs. Internal Combustion Engine Vehicles (November 2016) -$170 -60% ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY -40% DIESEL FCEV FCEV trucks expected to have substantially lower service and maintenance cost per mile than diesel trucks, mainly due to their relatively simple mechanical process compared to ICE vehicles with more moving parts

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