NIKOLA CORPORATION HYDROGEN FUEL CELL ELECTRIC VEHICLE DEMAND SURPASSES 200 (2024)

Growing momentum and industry confidence evidenced by truck sales orders

PHOENIX, Aug. 2, 2023 /PRNewswire/ -- Nikola Corporation(Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced that Nikola and its dealer network, with most of the agreements between fleets and dealers directly, have surpassed 200 sales orders for the Class 8Nikola hydrogen fuel cell electric vehicles. The 202 sales orders for the purpose-built heavy-duty trucks represent 18 end customers.

The trucks recently started series production in the Nikola Coolidge, Ariz. manufacturing facility. Deliveries are expected to begin later this year, with some following the satisfactory completion of a demonstration program.

"This remarkable demand for our hydrogen fuel cell electric truck confirms the industry's trend toward sustainable transportation solutions," said Michael Lohscheller, Nikola's President and CEO. "We are proud to achieve this milestone of 202 sales orders together with our dealer network, as we believe it demonstrates the level of confidence our customers and stakeholders have in our vision and technology, as well as our HYLA hydrogen supply and infrastructure solutions. This milestone is a testament to the hard work and dedication of the entire Nikola team."

Nikola's first-mover hydrogen fuel cell electric truckfeatures a range of up to 500 miles and an estimated fueling time of approximately 20 minutes*and is expected to have among the longest ranges of all commercially available zero tailpipe emission Class 8 trucks. Nikola's hydrogen fuel cell electric truck is well-suited for a variety of applications ranging from drayage and intermodal to metro-regional truckload and less-than-truckload to certain specialized hauling use cases.

The California Air Resources Board ("CARB")Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") program further accelerated securing a majority of the 202 sales orders.Nikola became HVIP eligible in 2023, which enablesNikola's hydrogen fuel cell electric truck customers to access a point-of-sale incentive starting at $240,000 and ranging up to $288,000 per truck. In addition, Nikola customers will also be eligible for a $40,000 clean commercial vehicle tax credit from the federal government due to the passage of theInflation Reduction Act.

An additional incentive for Nikola customers is the New Jersey Zero-Emission Incentive Program (NJ-ZIP)voucher pilot for medium- and heavy-duty vehicles. This program, launched by the N.J. Economic Development Authority, provides a $175,000 base voucher per Class 8 zero-emissions vehicle and additional percentage bonuses available for small business applicants and other qualifiers.

"These sales orders reflect momentum in the industry, with businesses increasingly prioritizing zero-emissions alternatives to fulfill their environmental, social, and governance goals and responding to the incentives available," continued Lohscheller. "Nikola is proud to be paving the way for more innovative and sustainable commercial transportation solutions in support of a cleaner future. This is only the beginning."

Nikola is anticipating significant growth in Canada with eligibility received for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program. The iMHZEV program offers Canadian organizations (for profit and non-profit), in all provinces, territories and municipalities, up to $200,000 (CAD) in incentives towards the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to $150,000 (CAD) in incentives towards the purchase or lease of the Nikola battery-electric truck.

Furthermore Nikola is eligible for the Clean BC Go Electric Rebatesin the province of British Columbia with $150,000 (CAD) in incentives towards the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. This provincial incentive is stackable with the iMHZEV federal incentive.

* Refueling time estimate depends on the characteristics of the hydrogen fueling location, including fueling hardware and software protocol, fuel quantity, and fueling conditions.

ABOUT NIKOLA CORPORATION
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero tailpipe emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect toNikola Corporation (the "Company"), including statements relating to the Company's goals and strategies; the Company's expectations and benefits regarding the production of hydrogen fuel cell electric trucks; the Company's expectations regarding the specifications and adoption of hydrogen fuel cell trucks and related technologies in the commercial transportation sector, including the timing thereof; the Company's beliefs about a potential trend by businesses toward zero emission solutions; and expectations about the benefits to the adoption of zero emission technologies related to various incentive programs offered by government entities. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company's trucks; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company's business and milestones and the timing of expected business milestones; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company's business described in the "Risk Factors" section of the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company's subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Nikola Corporation