NIKOLA CEO ANSWERS STOCKHOLDER QUESTIONS AND ADDRESSES FUTURE

Capital-intensive business requires tough decisions, focus on streamlining and increasing positive momentum

 Nikola Corporation zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, hosted a fireside chat with Nikola President and CEO, Michael Lohscheller, with questions submitted by NKLA stockholders.  The chat was held in advance of the June 7 annual stockholders meeting where an important vote is being held on Proposal 2 to allow the company to increase the authorized number of shares of its common stock.

A complete video and transcript of the session can be found here.

Lohscheller kicked off the session with the following remarks:

“We believe that Nikola is on the right side of history. In a world where diesel trucks are starting to be phased out and strong regulations are being passed, we have zero-emission Class 8 trucks – with battery electric and hydrogen fuel cell electric powertrains – and the HYLA hydrogen infrastructure business coming together. We have a state-of-the-art manufacturing facility in Coolidge, Arizona, with a production line that is soon to be capable of building both battery electric and hydrogen fuel cell trucks. We have assembled teams of top engineers, energy experts, and assembly, sales, marketing, planning and HR personnel, among many others, coming from well-established and industry-leading companies.  We have the experience. We have the product. We have the people.”

“But what we’ve created is very capital-intensive,” he added.  “Engineering and constructing trucks and creating a hydrogen business takes capital, but we also think we can deliver good returns to our stockholders based on the competitive advantages discussed above. And with more than four million Class 8 diesel trucks on the road in North America today, we have a lot of work to do and ground to cover.”

Among the topics addressed by Lohscheller:

• The Nasdaq non-compliance letter
• Company initiatives to reduce spending and achieve profitability
• Customer orders, sales traction, and delivery volumes
• Hydrogen station infrastructure and the plan to roll out the stations to support truck deployment

Approval of Proposal 2 will help ensure that Nikola can continue moving forward to achieve new milestones on the path to pioneering solutions for a zero-emissions world. Without these additional shares, Nikola’s ability to continue its ongoing operations and objectives, including Nikola’s need for capital, will be out of reach.

Every vote matters. Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 6, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares.

Voting is quick and simple:

• BY PHONE: Call Alliance Advisors, Nikola’s proxy solicitor, toll-free at (855) 935-2562 if in North America. International voters can call +1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
  
• BY INTERNET: Vote at www.proxyvote.com using your control number by following the instructions shared by your broker, bank or other nominee.
  • If you are a Robinhood holder, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.

The 2023 Annual Meeting of Stockholders will be held virtually on Wednesday, June 7, 2023, at 1:00 p.m., Pacific Time via live audio webcast. To attend the meeting, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., Pacific Time on June 6, 2023.

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