Nikola corporation

INVESTOR ROADSHOW presentation

April 2020
DISCLAIMERS FOR ANALYST PRESENTATION:

This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the proposed
business combination between Nikola Motor Corporation (“Nikola” or the “Company”) and VectoIQ Acquisition Corp. (“VectoIQ”) and related transactions (the “Proposed Transactions”) and for
no other purpose.

No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will VectoIQ, Nikola or any of their
respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or
loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise
arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports
prepared for other purposes. Neither VectoIQ nor Nikola has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data
is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Nikola or the Proposed
Transactions. Viewers of this Presentation should each make their own evaluation of Nikola and of the relevance and adequacy of the information and should make such other investigations as
they deem necessary.

Important Information and Where to Find It

In connection with the Proposed Transactions, VectoIQ has filed a registration statement on Form S-4, including a proxy statement/prospectus/information statement (the “Registration
Statement”), with the SEC, which includes a preliminary proxy statement to be distributed to holders of VectoIQ’s common stock in connection with VectoIQ’s solicitation of proxies for the vote by
VectoIQ’s stockholders with respect to the Proposed Transactions and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to
the Company’s stockholders in connection with the Proposed Transactions, and an information statement to Company’s stockholders regarding the Proposed Transactions. After the Registration
Statement has been declared effective, VectoIQ will mail a definitive proxy statement/prospectus, when available, to its stockholders. Investors and security holders and other interested parties
are urged to read the proxy statement/prospectus/information statement, and any amendments thereto and any other documents filed with the SEC when they become available, carefully and in
their entirety because they contain important information about VectoIQ, the Company and the Proposed Transactions. Investors and security holders may obtain free copies of the preliminary
proxy statement/prospectus/information statement and definitive proxy statement/prospectus/information statement (when available) and other documents filed with the SEC by VectoIQ
through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: VectoIQ Acquisition Corp., 1354 Flagler Drive, Mamaroneck, NY 10543.

Participants in the Solicitation

VectoIQ and the Company and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in
the solicitation of proxies with respect to the Proposed Transactions. Information about the directors and executive officers of VectoIQ is set forth in the Registration Statement and other relevant
materials to be filed with the SEC regarding the Proposed Transactions. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before
making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act.
Forward-Looking Statements

This Presentation includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of revenue and other financial and performance metrics,
projections of market opportunity and expectations, timing of various business milestones, and projected business model and related assumptions; VectoIQ’s ability to consummate a transaction
with the Company; VectoIQ’s ability to obtain the financing necessary to consummate the Proposed Transactions; and the expected timing of completion of the Proposed Transactions. These
statements are based on various assumptions and on the current expectations of VectoIQ’s and the Company’s management and are not predictions of actual performance. These forward-
looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive
statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the
control of VectoIQ and the Company. These forward looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business
conditions and changes in domestic and foreign markets; the potential effects of COVID-19; the outcome of judicial proceedings to which the Company is, or may become a party; the inability of
the parties to enter into definitive agreements or successfully or timely consummate the Proposed Transactions or to satisfy the other conditions to the closing of the Proposed Transactions,
including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company; the risk that
the approval of the stockholders of VectoIQ for the Proposed Transactions is not obtained; failure to realize the anticipated benefits of the Proposed Transactions, including as a result of a delay
in consummating the Proposed Transaction or difficulty in, or costs associated with, integrating the businesses of VectoIQ and the Company; the amount of redemption requests made by
VectoIQ’s stockholders; the occurrence of events that may give rise to a right of one or both of VectoIQ and the Company to terminate the Business Combination Agreement; risks related to the
rollout of the Company’s business and the timing of expected business milestones; changes in the assumptions underlying the Company’s expectations regarding its future business or business
model; the availability of capital; the effects of competition on the Company’s future business; and those factors discussed in the Registration Statement under the heading “Risk Factors,” and
other documents of VectoIQ filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that neither VectoIQ nor the Company presently do not know or that VectoIQ and the Company currently believe are immaterial that
could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect VectoIQ’s and the Company’s expectations, plans
or forecasts of future events and views as of the date of this Presentation. VectoIQ and the Company anticipate that subsequent events and developments will cause their assessments to change.
However, while VectoIQ and the Company may elect to update these forward-looking statements at some point in the future, VectoIQ and the Company specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as representing VectoIQ’s or the Company’s assessments as of any date subsequent to the date of this Presentation. Accordingly,
undue reliance should not be placed upon the forward-looking statements.

Use of Projections

This Presentation contains projected financial information with respect to Nikola. Such projected financial information constitutes forward-looking information, and is for illustrative purposes
only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are
subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ materially from the
results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by
any person that the results reflected in such forecasts will be achieved.

Financial Information; Non-GAAP Financial Measures

The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be
adjusted in or may be presented differently in, the Registration Statement or any other document to be filed by VectoIQ with the SEC. Some of the financial information and data contained in this
Presentation, such as EBIT, EBITDA and EBITDA Margin, has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). VectoIQ and Nikola believe
these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Nikola’s financial condition and
results of operations. Nikola’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning
purposes. VectoIQ and Nikola believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and
in comparing Nikola’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded in Nikola’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents
non-GAAP financial measures in connection with GAAP results. You should review Nikola’s audited financial statements, which are included in the Registration Statement.

Trademarks

This Presentation contains trademarks, service marks, trade names and copyrights of VectoIQ, Nikola and other companies, which are the property of their respective owners.
i. TRANSACTION OVERVIEW
Proposed transaction
overview
Transaction Structure

• On March 2, 2020, Nikola and VectoIQ agreed to enter into a business combination

• The transaction is expected to close in Q2 2020

• It is anticipated that the post-closing company will be a Delaware corporation, retain the Nikola name, and be listed on the NASDAQ

Valuation
• Transaction implies a fully diluted pro forma enterprise value of ~$3.3 billion (~1.0x based on 2024E revenue of ~$3.2 billion)

• Existing Nikola shareholders expected to receive 79.6% of the pro forma equity and $70 million cash(1)

Capital Structure

• The transaction will be funded by a combination of VectoIQ cash held in a trust account, VectoIQ common stock, and proceeds from VectoIQ PIPE

• Transaction will result in $709 million cash on the balance sheet to fund growth(2)

1. Including Series D investors. Excluding potential dilution from out-of-the-money VectoIQ warrants. Assumes no redemptions by VectoIQ’s existing public shareholders
2. Based on $237 million cash in trust, $67 million cash from Nikola balance sheet, 52.5 million shares at $10/share PIPE ($525 million) less $50 million transaction expenses and $70 million cash to seller.
Assumes no redemptions by VectoIQ’s existing public shareholders
Pro forma equity
ownership
$M, except Share and per share data

Sources Pro Forma Valuation

VectoIQ Shares $3,207 Share Price $10.00

Estimated Cash Held in Trust(1) $237 PF Shares Outstanding(5)(6) 402.9

Estimated Cash Contributed from Balance Sheet(2) $67 Equity Value $4,029

Proceeds from PIPE(3) $525 Plus: Debt $4

Total Sources $4,036 Less: Cash ($709)

Enterprise Value $3,324

Uses
Illustrative Pro Forma Ownership(5)(6)
Equity Consideration to Nikola Existing Investors(4) $3,207 VectoIQ Public VectoIQ Sponsor
Cash to Seller $70 Shareholders Shareholders
5.7%, 23.0M Shares 1.6%, 6.6M Shares
Cash to Balance Sheet $709

Estimated Payment of Transaction Expenses $50 Shares from PIPE Existing Nikola
13.0%, 52.5M Shares Equity Rollover(4)
Total Uses $4,036 79.6%, 320.7M Shares
Note: The sources and uses of funds presented herein are forward-looking statements and reflect the Company’s current plans and expectations regarding financing for the business combination. The Company may elect
to obtain additional financing, including the sale of additional debt or equity, or alternative financing on different terms in connection with the business combination in which case the information presented herein may
change. Pro forma figures include the run-rate contribution of recent acquisitions and public company cost assumptions. Due to rounding, numbers presented may not add up precisely to the totals indicated.
1. As of 1/5/2019. Assumes no redemption by VectoIQ’s existing public shareholders. Actual results in connection with the business combination may differ
2. Assumes all cash associated with Series D investment has been received prior to closing
3. Assumes 52.5M shares are issued at $10.00 per share
4. Rollover equity shares include shares issued to series D investors
5. Pro forma share count includes 23.0 million VectoIQ public common shares, 6.6 million VectoIQ Sponsor shares, 52.5 million shares from PIPE, and 320.7 million shares issued to Nikola existing shareholders;
shares issued to Nikola shareholders is based on latest Series D raise amount of $277M and is subject to change if incremental Series D investment is raised prior to closing. Assumes no redemptions by
VectoIQ’s existing public shareholders
6. Pro forma ownership table excludes the impact of all out-of-the-money VectoIQ warrants
Deep bench of experienced Nikola’s management team brings together proven
management key to making leaders with deep industry and domain expertise

the vision a reality

Trevor Milton MARK RUSSELL
Executive Chairman(1) President & CEO(1)

KIM BRADY Dane Davis UMRAN ASHRAF

CHIEF FINANCIAL OFFICER Chief Technology officer HEAD OF VEHICLE ENGINEERING

Corporate Safety, Supply Chain, and Design, Powertrain, and Vehicle

Functions Hydrogen Software Engineering

Britton Worthen Nha Nguyen Kevin Lynk Ron Johnson

Chief Legal Officer Safety Officer Chief engineer, powertrain Senior Technical Lead,
Chassis

Joseph Pike Mike Chaffins Varoujan Sarkissian Christopher Eckert

Chief Human Resources Senior Director, Supply Head of Vehicle Electrical Senior Technical Lead, Cab
Officer Chain and Purchasing and Controls

Elizabeth Fretheim Dale Prows Erik Tuft Saeid Emami

Head of Business Head of Hydrogen Supply Senior Designer Senior Technical Lead, CAE
Development chain

Vince Caramella Livio Gambone Isaac sloan Alain Hadorn

Head of marketing Head of Hydrogen Storage Chief Software Architect Senior Director, Program
Management and Quality

1. Titles reflect roles post-closing

 ii. Nikola
BUSINESS OVERVIEW
We are Nikola Vision: to be the zero emissions commercial
transportation system leader

A unique business model…

Addressing Huge “Green-to-Wheel” Commercial Vehicle Ecosystem TAM
• Estimated $600B+ Global TAM comprised of both vehicle and energy supply(1)
• Tightening global emissions standards require a zero emissions solutions over the near-term

Industry Leading Technology Portfolio to Address Specific Use Cases

• BEV truck with best-in-class range and capabilities, ideally suited for shorter-haul applications
• World’s most advanced Hydrogen (H 2) FCEV Truck, ideally suited for long-haul applications

Enabled by World Class Partnerships and Investments by Strategic Players

• Partnership and European JV with CNHI IVECO, a global Commercial Vehicle OEM
• Strong partnerships throughout transportation ecosystem to de-risk business

Pace-Setting Speed-to-Market
• Planned 2021 BEV launch
• Planned 2023 FCEV launch and H2 station operations

Meeting Strong Demand from Blue Chip Customers

• $10B+ FCEV pre-order book (2+ years of orders), with robust demand for newly introduced BEV truck
• Anheuser-Busch piloting fleet and H2 station operations

On a Path to Effectively Scale Green Energy Storage to Ultimately Transform

Transportation Fueling Landscape
• Partnered with NEL to develop first-in-kind H2 station infrastructure

With a Deep Roster of Management Talent to Pursue Vision of Zero Emission

Transportation Ecosystem

1. $600B TAM includes truck, repair & maintenance and fuel based on proprietary research from ACT Research
Powered by a unique Together, the distinct business offerings enable
business strategy disruption across the “Green-to-Wheel” value chain

Key nikola Facts Overview of Strategic Partnerships

• 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 Platform enabled

Grid Storage and

Business Model Component

BEV Truck FCEV Truck H2 Stations Autonomous Ready

BEV Charging
• BEV powered truck • H2 FCEV powered truck • Economically produce H2 • Level 4 hardware • Leverage technology
• Industry-leading • 500 – 750 mile range fuel via electrolysis standard and infrastructure to act
range of up to 300 miles • Initial methodical roll-out • Automatic braking and as a grid buffer and to
• Attractive “bundle
of targeted station lane keeping capture intermittent
• Leverage existing FCEV pricing” model (truck,
development along energy sources
work and partnership fuel, maintenance) • Full fleet management
with CNHI to co-develop “dedicated routes” solutions and data • Provide BEV charging
BEV truck for production • Electricity input (grid, capturing solutions to short-haul
in the next 12 – 18 solar, wind) purchased customers
• Over-the-air software
months via long-term supply updates
agreements

H2 Production and
Shorter-haul Long-haul Capacity-as-a-Service Energy-as-a-Service
Refueling of FCEV
Use case
Target

Significantly increases
Complementary offerings: with significant overlap in Additional growth opportunities based on truck
addressable market vs.
components; BEV and FCEV address different use cases and H2 station platform
truck offering alone
1. Amount includes in-kind contribution of services from CNHI (see slide 12 for additional detail); does not include capital from VectoIQ transaction
demonstrating significant Over $500M raised to date to support
[]
growth and progress on commercialization of unique business model

vision since 2015

Trevor Milton Prototype of Nikola Bosch co- Signed binding Unveiled fully
founds Nikola One Unveiled development and agreement to operational Nikola
strategic supply provide Anheuser- Two Alpha trucks at
chain partnership Busch with up to Nikola World; most
established 800 trucks advanced FCEV truck
on the planet

2015 2016 2017 2018 2019

Build-out of team, Signed sales Nel announced as Signed Hydrogen Entered North
hired: and service sole equipment Station America production
– Chief Engineer agreement with supplier for Development alliance and European
– Chief Designer Ryder Systems hydrogen stations agreement with Nel joint venture with
– Battery CNHI Iveco
Engineer

Reservation book frozen;

Reservations

negotiating with strategic

Total Truck

~7,900 ~8,200 ~14,000

N/A fleet partners for launch
FCEV FCEV FCEV
and pursuing binding
contracts
in Calendar Year

Secured $250M investment

Capital Raised

$16M Series A $44M Series B $214M Series C

from CNHI Iveco as part of
N/A @ $300M pre-money @ $900M pre-money @ $1.1B pre-money
Series D representing a
valuation valuation valuation
pre-money valuation of $3B
 Nikola is the only company offering both BEV and
Technology portfolio addresses FCEV solutions; addressing both short-haul and
complementary use cases long-haul markets
general technology comparison

Hydrogen-ELECTRIC 100% Battery Electric Diesel

primary power unit (ppu) Hydrogen Fuel Cell Battery Diesel Engine

Refuel/Charge time 10-15 minutes Several Hours 10-15 minutes

Complementary
Use Cases
500-750 miles 100-300 miles
Est. range (Long-haul) (Medium-/Short-haul)
500-750 miles

Refill affect on Hydrogen stations act Recharge to be managed within grid

N/A
electrical grid as buffer & balance grid load capacity

PPU Sustainability Hydrogen is the most Dependent on further advances in Access to oil reserves can be costly and
profile abundant element on planet technology prices are highly volatile

Heavy emission vehicle unlikely to

Impact on Emissions Zero emission vehicle Zero emission vehicle adhere to future regulations on
emissions standards

Est. Vehicle weight ~22,000-24,000 lbs ~25,000-27,000 lbs ~17,000-19,000 lbs

Est. hauling capacity(1) ~56,000-58,000 lbs ~53,000-55,000 lbs ~61,000-63,000 lbs

1. Estimated hauling capacity includes both cargo capacity and the weight of the trailer
 Nikola’s extensive network of strategic partnerships
World class strategic significantly reduces execution risks, improves
partnerships… commercialization timeline, and provides long-term
competitive advantage
Marquee Co-Development Partners

• International leader in the development, manufacture, marketing, • Leading global supplier of technology and services to automotive,
and servicing of a vast range of light, medium, and heavy industrial, energy, building technology, and consumer end markets
commercial vehicles with ~410,000 employees and ~$90B in annual revenue
• Series D investor and partner in 50/50 European joint venture and • Series B and C investor and powertrain design (e.g., fuel cell,
North American production alliance battery, VCU) co-development partner
- Any related IP will be jointly owned by Nikola

Other Key Industry Partners

• One of the world´s largest and most • Largest producer of electrolyzers and other • Leading global supplier of braking control
recognized photovoltaic manufacturers hydrogen equipment components and air management systems
and energy providers to medium- and heavy-duty trucks
• Series C investor and hydrogen production
• Series C investor and exclusive solar panel equipment supplier (electrolyzers and • Series B investor in Nikola and brake
provider other components for hydrogen stations) traction and stability control system
developer

• #1 global engineering service provider to • Largest truck leasing company in the U.S. • World's largest independent company for
the Commercial Vehicle industry for cab with over 800 service centers and 6,000 the development, simulation and testing of
development highly trained technicians powertrains
• Cab and Chassis engineer • Exclusive sales and service partner • Designer and developer of first-in-class
vehicle and hydrogen fuel cell test facility
 Partnership with CNHI Iveco significantly de-risks
…anchored by landmark North America production execution and
partnership with cnhi iveco accelerates penetration of attractive
European market

Who is CNHI Iveco? Partnership and JV

One of World’s Leading Capital Good Companies with North America Engineering and Production Alliance (100% of N.A. Business
Annual Revenue of $30B+ Retained by Nikola)
• CNHI’s Iveco business is a leading truck, bus, and light • Significantly de-risks Nikola operational execution by leveraging the expertise and
commercial vehicle manufacturer in Europe, South America, and capabilities of one of the world’s leading commercial vehicle manufacturers
Asia with 175,000+ annual unit volume(1)
• CNHI Iveco to provide $150M of engineering and production to support bringing
• Currently the leader in CNG/LNG alternative propulsion for the Nikola trucks to market
European trucks market, complementary to investment in Nikola
BEV and FCEV technology Europe Joint Venture (50/50 Split)
• Announced plan to spin-off as an independent company in 2021 • Allows Nikola to accelerate penetration of attractive European addressable market
while minimizing execution risk and optimizing Nikola management bandwidth
Investment Summary • Nikola and CNHI’s Iveco truck business to operate 50/50 joint venture leveraging
CNHI Iveco’s invested $250M in Nikola as Part of Iveco’s engineering expertise and existing production and sales/service footprint
Series D Round Significant potential financial contribution from joint venture is
• $100M cash investment incremental to existing Nikola North America model
• $150M investment in form of in-kind services related to North
America engineering and production
Key Benefits
• Announced September 3, 2019
• Production alliance significantly de-risks truck manufacturing execution by providing:

Additional Details - Global license to the S-Way platform – the most recently introduced Class 8 truck
in the world
• CNHI Iveco engineers to embed with Nikola team to develop - Ability to leverage existing parts bin and capture purchasing savings
production-ready truck and leverage its expertise across all
- Access to engineering support
elements of the manufacturing process
- Potential assembly capabilities
• Nikola/CNHI Iveco product to be produced on dedicated lines
within existing Iveco manufacturing facilities • Enables Nikola to enter significantly larger European market

1. CNHI delivered ~175,900 vehicles in 2018; includes trucks, buses, light commercial, and specialty vehicles
Robust blue chip demand Nikola has over 14,000 FCEV truck pre-orders, with
for a zero emissions robust demand for newly introduced BEV truck

transportation solution
Summary of FCEV truck Reservations prior to book Additional reservations detail
freeze in fall 2019 • Nikola BEV demand: following unveiling of Nikola BEV truck in Fall
# of Trucks
2019, company has been engaged with potential strategic customers
FCEV reservation book frozen; negotiating with - Discussion focused on multi-thousand truck pre-orders with
strategic fleet partners to convert pre-orders to binding contracts with significant deposits 12 months prior to
binding contracts with deposits for initial FCEV rollout delivery
All Other Large U.S. Fleet
- Robust BEV demand projected to fill first 2 – 3 years of production
Reservations Owner • FCEV demand equally robust, with reservation book projected to fill
Holders ~5,000 first 2+ years of production
~5,300 34%
36%
Total Themes Driving Demand
14,602 FCEV trucks
• Commercial vehicle purchasing decision driven by Total Cost of
Ownership (TCO) of vehicle, including cost of truck, fuel, and
~$10.2B maintenance
realizable value - Nikola’s unique FCEV Bundled Lease model ensures TCO cost
Large Truck parity with diesel as well as TCO consistency and predictability for
Other Fleets with at
Leasing fleet operators
least 100 Trucks
Large AB Inbev Companies • Corporations are increasing focus and efforts to reduce greenhouse
Reserved
Equipment 800 ~1,500
~1,500 emissions in their value chains
Providers 6% 10%
10%
~500
4%

• AB Inbev pre-order for 800 trucks represents a binding order

• Majority of FCEV reservations (~65%) reflect large corporate
customers with investment grade credit ratings
 Overview of Nikola's
Nikola can service estimated $600B TAM with BEV
and unique FCEV bundle pricing model that
Addressable market includes truck, fuel, and maintenance

BEV / FCEV Market opportunity(1) Key drivers for zero emission commercial vehicle demand
• Commercial vehicle buying decision driven by Total Cost of Ownership (TCO)
Global Class 8 Truck Market:
• ~$600B Total Addressable Market(2) / ~7M • The largest Class 8 fleets are replaced every 3-5 years on average — adoption of
Trucks in Service Global Heavy new technology is expected to be rapid once it passes TCO parity threshold
Duty Truck
Market • Increasingly stringent global emissions standards will increase comparative
BEV Short-haul Focus: advantage of zero emissions vehicles relative to diesel
U.S. Class 8 Truck Market
U.S. Class 8
• ~$130B TAM(2) / ~2M
Truck Market • In some cases, such as city centers, diesel will be banned entirely
Trucks in Service
• Governments, fleet owners, and other stakeholders are demanding a zero
emissions solution

Breakdown of U.S. Class 8 $130B TAM N.A. CLASS 8 TRUCK SEGMENT STRATEGY FOR INITIAL ROLLOUT OF FCEV
1,800,000 CLASS 8 semi-TRUCKS
(1) • Dedicated routes are primarily
On the road daily
Service and Truck comprised of private fleets and
Maintenance
$29B
$37B ~25%+ dedicated operations of large for-hire
carriers
29% 450,000 TRUCKS RUN ON
22% DEDICATED ROUTES • For initial rollout of FCEV, Nikola will
target the largest private and
dedicated fleets with either
Diesel nationwide or significant regional
distribution networks
$63B
49%
~75% • Focus on dedicated routes allows for
1,350,000 TRUCKS
targeted, capital-efficient deployment
of hydrogen stations

1. Includes both short-haul and long-haul heavy duty truck markets

2. Including vehicle, fuel, and service & maintenance; based on proprietary research from ACT Research
 Increasing cost of diesel operations due to
Nikola’s advantage: tightening emission standards reinforces Nikola’s

BUNDLED FCEV OFFERING

significantly more attractive than DIESEL
bundled FCEV TCO advantage vs. traditional diesel
truck ownership

THE INDUSTRY’S FIRST-EVER “BUNDLED PRICING” Total cost of ownership certainty

Historically, diesel fuel has comprised anywhere from 40-60% of
– 7-year lease/700,000 miles total ownership costs(1). Nikola’s Bundled Lease offers operators
– Lease includes the cost of truck, hydrogen complete cost predictability at cost parity with diesel
fuel, repair, and maintenance
– Lease model eliminates payback period and Better Performance
technology risk for customers, enabling more Outperforms diesel and battery trucks in range, horsepower and
rapid adoption torque. Shorter recharge time than battery electric trucks

ILLUSTRATIVE NIKOLA FCEV VS. DIESEL COST PER MILE Enhanced Safety
$1.20 6x2 drive, torque vectoring, faster stopping, lower center of gravity
Total TCO(2):
Total TCO: ~$0.97 per Mile
$1.00 $0.95 per Mile Hydrogen Safer than Diesel
Lower vapor pressure, will not form combustible mixture with air,
$0.80 Fuel Cost:
harder to ignite, hydrogen dissipates into atmosphere
~$0.51 per
Mile Extensive safety testing performed by third-party experts
$0.60 Includes all
vehicle, service &
maintenance, and
fuel costs Service &
Environmentally Friendly
$0.40 Maint: Zero emissions and nearly silent. Hydrogen stations powered by
~$0.21 per
Mile renewables
$0.20 Vehicle
Payments:
~0.26 per
Mile Autonomous Ready
$0.00 Enhanced autopilot, automatic braking, and automatic lane
NIKOLA FCEV
NIKOLA Traditional Diesel
keeping standard on each vehicle
TCO Certainty TCO Volatility
1. Based on prior 7 years’ data from ATRI, excluding driver costs
2. Cost per mile data is based on proprietary research from ACT Research and ATRI’s 2018 Operational Cost of Trucking; fuel is based on the prior 7 years’ average given volatility of input costs
single fcev truck lease Each individual FCEV truck lease is anticipated to

unit economics have steady cash generation over the life of the lease

PROJECTED CASH GENERATED PER TRUCK LEASE

Projected Nikola Lease Model Economics(1)
Gross Revenue $665,000
$665,000
Materials $173,624
$188,174 Labor - direct and indirect 7,500
Warranty Expense @ 3.0% of Truck Revenue 7,050
Truck Cost $188,174

Nikola Cost per kg of Hydrogen $2.47

$230,637 x kg of Hydrogen used over 700,000 miles @ 7.5 Miles/kg 93,333
Hydrogen Cost Per Truck Lease(2) $230,637

Service & Maintenance Cost @ $0.067/Mile $46,760

$46,760
Total Service & Maintenance Cost $46,760
$26,365
$173,064 Total Cost of Nikola Lease $465,571

Vehicle Profit Per Nikola Lease (Before Corporate G&A)(3) $199,429

Vehicle Profit Margin 30.0%

LEASE TRUCK TOTAL SERVICE, STATION CASH PER

REVENUE MATERIALS & FUELING COST MAINT. AND CAPEX PER TRUCK LEASE Station CapEx per Lease(4) $26,365
LABOR OTHER LEASE (5)
$173,064
Cash Generated per Truck Lease

1. Analysis does not include potential financing charges that may be incurred to securitize and monetize some portion of the Nikola lease
2. Hydrogen fuel cost includes all hydrogen station related operating expenses including electricity costs, water costs, station personnel cost, and hydrogen station maintenance
3. Vehicle profit presented before corporate general and administrative expenses
4. Assumes each station has a 21-year useful life and supports 210 truck leases during each 7-year lease period
5. Does not include any potential upside from truck residual value at the end of the lease
Hydrogen stations Hydrogen fuel cell vehicles share the benefits of battery

overview electric vehicles with an extended range for long-haul duty

ADVANTAGES OF HYDROGEN
• Heavy Duty Fuel Cell Vehicles are capable of having ranges & fueling times equal to that of today’s diesel trucks
• Hydrogen Fuel Cell Vehicles have the same benefits of electric vehicles as they use the same electric motors (more horsepower,
instant torque, zero emissions, etc.) while eliminating many issues derived from battery electric vehicles (long recharge times, limited
range, cold start, added weight, etc.)

ZERO HEAVY DUTY LONGER LESS

EMISSIONS FAST FUELING RANGE WEIGHT

HYDROGEN FUEL CELL ECOSYSTEM OVERVIEW

H2 Station Roll-out
Targeting dedicated routes segment enables a
focused roll out of H2 station network to optimally
DEDICATED SINGLE-STATION strategy manage capital outlay

HYDROGEN STATION ROLL-OUT STRATEGY PROJECTED TOTAL STATION CAPEX

• Hydrogen fueling stations will be built one at a One Time Station Related Capex
time along dedicated routes, based on customer
(1)
need and network optimization Station Production and Fueling Equipment $ 14,860,000
• ~450,000 trucks, or ~25% of total fleets(2), Land and Building 1,750,000
operate along dedicated routes, typically Total Station CapEx $ 16,610,000
between a plant and distribution center along
210 Trucks x 3 Product Cycles 630
major freight corridors
Total Station Capex per 7-year Truck Lease $ 26,365
• Initial build out of ~1,200 station equivalents(3)
will be developed to serve this section of the
market (based on 210 trucks per 8,000kg station)
• Station locations determined by pre-orders, Key Hydrogen Station Components
selecting customers with routes along the most
trafficked freight corridors
• First stations may potentially operate as hubs,
allowing fleets to refuel within a 250-mile radius
• Projected average one-time station capex of
$16.6M expected to support 630 leases over 21 NEL A-485 electrolyzer 50MPa Hydrogen Dual H2Station® Fueling
1,000kg/day 2.2MW Storage 1,000kg/day two
years – improvements in technology are
dispensers
expected to reduce capex by 10% in 2025 and
beyond

1. Includes transformer/rectifier, electrolyzers, supply compressors, hydrogen storage, fueling station equipment, dispensers and installation
2. Management/industry source estimate
3. Equivalent of 1,200 stations producing 8,000kg; actual number of locations will likely vary as some stations will produce >8,000kgs
 iiI. Nikola
Truck Development
strategy and timeline
 North America Nikola’s partnership with Iveco accelerates the

BEV truck Timeline development and production of a BEV truck, shortening

its go-to-market strategy by 1 to 1 ½ years
Projected Road Map to Fleet Testing (2020 – 2021)
• Plan: Take the current Iveco S-Way platform and electrify the powertrain
• Iveco Responsibilities: Cab, chassis, and vehicle integration
• Nikola Responsibilities: e-Axle (motors and inverters), battery pack, BMS, vehicle controls strategy, and infotainment
• Production Strategy: 1) import units from Iveco’s Ulm Facility, 2) CKD production in US, 3) full production in US
• Projected Schedule:
o Unveil first truck in Hanover on Sept. 24, 2020
o Utilize Iveco’s Ulm facility in Germany for prototype, pre-series, and low volume builds in 2020 and 2021
o Begin limited testing with fleets in Q4 2020
o Enter low volume production in Q1 2021
2020 2021 2022
Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun

Milestones Start Pilot IAA Hanover SOP SOP

Builds Show (US MARKET - EU BUILD) (US MARKET - US BUILD)

Engineering/ ENGINEERING & DEVELOPMENT

Design
RELEASE ENGINEERING

SUPPLIER IDENTIFICATION / SOURCING

SUPPLIER TOOLING BUILD

Purchasing/
Sourcing COMPONENT / SUB-ASSEMBLY BUILD

APQP PROCESS

PROTOTYPE BUILDS / 3 BUCKETS OF 4

PRE-SERIES BUILD
Vehicle Build Fleet Test Units
PRODUCTION BUILDS (ULM, GERMANY)

PRODUCTION (COOLIDGE, AZ)

PPAP Window
COMPONENT & BENCH VALIDATION
Vehicle Validation
VEHICLE VALIDATION
 North America Low volume production for FCEV trucks expected to
FCEV truck Timeline begin in Q1 2023
Projected Road Map to Commercialization (2020 – 2023)
• To achieve SOP milestone, Nikola’s engineering, manufacturing, and testing must have a coordinated and collaborative understanding
of the overall vehicle architecture
• Production-intent builds expected to begin at Beta Phase (2H 2021)

2020 2021 2022 2023

Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept

Milestones
Architectural Freeze Start Pilot Builds SOP (Low Volume)

ENGINEERING & DEVELOPMENT

Engineering/
ENGINEERING & DEVELOPMENT
Design
RELEASE ENGINEERING

SUPPLIER INDENTIFICATION & SOURCING

Purchasing/
SOFT TOOLING BUILD PRODUCTION TOOLING BUILD
Sourcing
COMP./SUB ASSM. BUILD COMP./SUB ASSM. BUILD

PROTOTYPE BUILD GAMMA (7 units)

Vehicle Build BETA BUILD PRE-SERIES

TEST FLEET MILEAGE ACCUMULATION
PRODUCTION BUILD

COMPONENT VALIDATION

Validation DESIGN VALIDATION DESIGN VALIDATION

VEHICLE VALIDATION VEHICLE VALIDATION

IV. Financials
North America
Financial projections below only cover North America
business and do not reflect potential upside from 50/50 JV
FINANCIAL OVERVIEW in Europe or government incentives

NORTH AMERICA FINANCIAL SUMMARY

$M, Unless otherwise noted
2020P 2021P 2022P 2023P 2024P
Key Income Statement Drivers

BEV Trucks Sold (# of Units) - 600 1,200 3,500 7,000

FCEV Trucks Sold (# of Units) - - - 2,000 5,000
H2 Stations Completed (# of Units) - - - 10 24

Income Statement Items

BEV Truck Revenue - $150 $300 $875 $1,750

FCEV Truck Revenue - - - 470 1,175
FCEV Service & Maintenance Revenue - - - 13 56
FCEV Hydrogen Revenue - - - 56 245
Total Revenue - 150 300 1,414 3,226
% Growth nm nm 100.0% 371.4% 128.1%

(-) Cost of Goods Sold - (112) (242) (1,113) (2,507)

Gross Profit - 38 58 301 719
Gross Profit Margin nm 25.2% 19.2% 21.3% 22.3%

(-) Operating Expenses (222) (303) (274) (416) (574)

EBIT (222) (265) (216) (114) 145
EBIT Margin nm (176.9%) (72.0%) (8.1%) 4.5%

(+) Depreciation & Amortization 11 20 41 48 68

EBITDA ($211) ($245) ($175) ($66) $213
EBITDA Margin nm (163.3%) (58.4%) (4.6%) 6.6%

Balance Sheet and Cash Flow Items

Net Working Capital ($9) $20 $41 $201 $476

% of Revenue nm 13.4% 13.8% 14.2% 14.8%

Truck Manufacturing Facility, Equipment & Other Capex (156) (293) (196) (64) (34)
H2 Stations & Equipment Capex - (6) (100) (305) (639)
Total Capital Expenditures ($156) ($298) ($296) ($368) ($673)
% of Revenue nm 198.7% 98.6% 26.0% 20.9%

• North America BEV production projected to begin in 2021; North America FCEV production projected to begin in 2023
• $3.2B of revenue expected by 2024
• Expected steady state EBITDA margins of >25%
TR A NS P OR T IN G THE F UT UR E TO NOW .