Exhibit 99.2

 

CANOO 1 INVESTOR PRESENTATION AUGUST 2020

 

 

CANOO 2 Thispresentationisprovidedforinformationalpurposesonlyandhasbeenpreparedtoassistinterestedpartiesinmakingtheirownevaluationwithrespecttoapotentialbusinesscombination(the“proposedbusinesscombination”)betweenCanooHoldingsLtd. (“Canoo”)andHennessyCapitalAcquisitionCorp.IV(“HennessyCapital”or“HCAC”)andrelatedtransactionsandfornootherpurpose.Norepresentationsorwarranties,expressorimpliedaregivenin,orinrespectof,thispresentation.Tothefullestextent permittedbylawinnocircumstanceswillCanoo,HennessyCapitaloranyoftheirrespectivesubsidiaries,stockholders,affiliates,representatives,partners,directors,officers, employees,advisersoragentsberesponsibleorliableforanydirect,indirector consequentiallossorlossofprofitarisingfromtheuseofthispresentation,itscontents,itsomissions,relianceontheinformationcontainedwithinit,oronopinionscommunicatedinrelationtheretoorotherwisearisinginconnectiontherewith.Industryandmarket datausedinthispresentationhavebeenobtainedfromthird-partyindustrypublicationsandsourcesaswellasfromresearchreportspreparedforotherpurposes.NeitherCanoonorHennessyCapitalhasindependentlyverifiedthedataobtainedfromthesesources andcannotassureyouofthedata’saccuracyorcompleteness.Thisdataissubjecttochange.Inaddition,thispresentationdoesnotpurporttobeall-inclusiveortocontainalloftheinformationthatmayberequiredtomakeafullanalysisofCanooortheproposed businesscombination.ViewersofthispresentationshouldeachmaketheirownevaluationofCanooandoftherelevanceandadequacyoftheinformationandshouldmakesuchotherinvestigationsastheydeemnecessary. ForwardLookingStatements Thispresentationincludes“forward-lookingstatements”withinthemeaningofthe“safeharbor”provisionsoftheUnitedStatesPrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementsmaybeidentifiedbytheuseofwordssuchas“estimate,” “plan,”“project,”“forecast,”“intend,”“will,”“expect,”“anticipate,”“believe,”“seek,”“target”orothersimilarexpressionsthatpredictorindicatefutureeventsortrendsorthatarenotstatementsofhistoricalmatters. Theseforward-lookingstatementsinclude,butare notlimitedto,statementsregardingestimatesandforecastsoffinancialandperformancemetrics,projectionsofmarketopportunityandmarketshare,expectationsandtimingrelatedtocommercialproductlaunches,potentialbenefitsofthetransactionandthe potentialsuccessofCanoo'sgo-to-marketstrategy,andexpectationsrelatedtothetermsandtimingofthetransaction.Thesestatementsarebasedonvariousassumptions,whetherornotidentifiedinthispresentation,andonthecurrentexpectationsofCanoo’s andHCAC’smanagementandarenotpredictionsofactualperformance.Theseforward-lookingstatementsareprovidedforillustrativepurposesonlyandarenotintendedtoserveas,andmustnotbereliedonbyanyinvestoras,aguarantee,anassurance,a predictionoradefinitivestatementoffactorprobability.Actualeventsandcircumstancesaredifficultorimpossibletopredictandwilldifferfromassumptions.ManyactualeventsandcircumstancesarebeyondthecontrolofCanooandHCAC.Theseforward-looking statementsaresubjecttoanumberofrisksanduncertainties,includingchangesindomesticandforeignbusiness,market,financial,politicalandlegalconditions;theinabilityofthepartiestosuccessfullyortimelyconsummatetheproposedbusinesscombination, includingtheriskthatanyrequiredregulatoryapprovalsarenotobtained,aredelayedoraresubjecttounanticipatedconditionsthatcouldadverselyaffectthecombinedcompanyortheexpectedbenefitsoftheproposedbusinesscombinationorthattheapprovalof thestockholdersofHCACorCanooisnotobtained;failuretorealizetheanticipatedbenefitsoftheproposedbusinesscombination;risksrelatingtotheuncertaintyoftheprojectedfinancialinformationwithrespecttoCanoo;risksrelatedtotherolloutofCanoo’s businessandthetimingofexpectedbusinessmilestonesandcommerciallaunch;risksrelatedtofuturemarketadoptionofCanoo'sofferings;risksrelatedtoCanoo'sgo-to-marketstrategyandsubscriptionbusinessmodel;theeffectsofcompetitiononCanoo’s futurebusiness;theamountofredemptionrequestsmadebyHCAC’spublicstockholders;theabilityofHCACorthecombinedcompanytoissueequityorequity-linkedsecuritiesinconnectionwiththeproposedbusinesscombinationorinthefuture,andthose factorsdiscussedinHCAC’sfinalprospectusfiledonMarch4,2019,AnnualReportonForm10-KforthefiscalyearendedDecember31,2019andQuarterlyReportsonForm10-QforthequartersendedMarch31,2020andJune30,2020,ineachcase,underthe heading“RiskFactors,”andotherdocumentsofHCACfiled,ortobefiled,withtheSecuritiesandExchangeCommission(“SEC”).Ifanyoftheserisksmaterializeorourassumptionsproveincorrect,actualresultscoulddiffermateriallyfromtheresultsimpliedby theseforward-lookingstatements.TheremaybeadditionalrisksthatneitherHCACnorCanoopresentlyknoworthatHCACandCanoocurrentlybelieveareimmaterialthatcouldalsocauseactualresultstodifferfromthosecontainedintheforward-looking statements.Inaddition,forward-lookingstatementsreflectHCAC’sandCanoo’sexpectations,plansorforecastsoffutureeventsandviewsasofthedateofthispresentation.HCACandCanooanticipatethatsubsequenteventsanddevelopmentswillcause HCAC’sandCanoo’sassessmentstochange.However,whileHCACandCanoomayelecttoupdatetheseforward-lookingstatementsatsomepointinthefuture,HCACandCanoospecificallydisclaimanyobligationtodoso.Theseforward-lookingstatements shouldnotberelieduponasrepresentingHCAC’sandCanoo’sassessmentsasofanydatesubsequenttothedateofthispresentation.Accordingly,unduerelianceshouldnotbeplacedupontheforward-lookingstatements. UseofProjectionsandDescriptionofKeyPartnerships ThispresentationcontainsprojectedfinancialinformationwithrespecttoCanoo,namelyrevenue,grossprofit,operatingcapitalexpenditures,EBITDAandEBITfor2020-2026.Suchprojectedfinancialinformationconstitutesforward-lookinginformation,andisfor illustrativepurposesonlyandshouldnotberelieduponasnecessarilybeingindicativeoffutureresults.Theassumptionsandestimatesunderlyingsuchprojectedfinancialinformationareinherentlyuncertainandaresubjecttoawidevarietyofsignificantbusiness, economic,competitiveandotherrisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosecontainedintheprospectivefinancialinformation.See“Forward-LookingStatements”above.Actualresultsmaydiffermateriallyfromtheresults contemplatedbytheprojectedfinancialinformationcontainedinthispresentation,andtheinclusionofsuchinformationinthispresentationshouldnotberegardedasarepresentationbyanypersonthattheresultsreflectedinsuchprojectionswillbeachieved. NeithertheindependentauditorsofHCACnortheindependentregisteredpublicaccountingfirmofCanoo,audited,reviewed,compiled,orperformedanyprocedureswithrespecttotheprojectionsforthepurposeoftheirinclusioninthispresentation,and accordingly,neitherofthemexpressedanopinionorprovidedanyotherformofassurancewithrespecttheretoforthepurposeofthispresentation. ThispresentationcontainsdescriptionsofcertainkeybusinesspartnershipsofCanoo,includingwithHyundaiMotorGroupandthecontractmanufacturer.ThesedescriptionsarebasedontheCanoomanagementteam’sdiscussionswithsuchcounterpartiesandthe latestavailableinformationandestimatesasofthedateofthispresentation. Ineachcase,suchdescriptionsaresubjecttonegotiationandexecutionofdefinitiveagreementswithsuchcounterpartieswhichhavenotbeencompletedasofthedateofthis presentationand,asaresult,suchdescriptionsofkeybusinesspartnershipsofCanoo,remainsubjecttochange. DISCLAIMERS

 

 

CANOO 3 FinancialInformation;Non-GAAPFinancialMeasures ThefinancialinformationanddatacontainedinthispresentationisunauditedanddoesnotconformtoRegulationS-X.Accordingly,suchinformationanddatamaynotbeincludedin,maybeadjustedinormaybepresenteddifferentlyin,anyproxystatement, registrationstatement,orprospectustobefiledbyHCACwiththeSEC.Someofthefinancialinformationanddatacontainedinthispresentation,suchasEBITDAandEBITDAmargin,havenotbeenpreparedinaccordancewithUnitedStatesgenerallyaccepted accountingprinciples(“GAAP”).EBITDAisdefinedasnetearnings(loss)beforeinterestexpense,incometaxexpense(benefit),depreciationandamortization.HCACandCanoobelievethesenon-GAAPmeasuresoffinancialresultsprovideusefulinformationto managementandinvestorsregardingcertainfinancialandbusinesstrendsrelatingtoCanoo’sfinancialconditionandresultsofoperations.HCACandCanoobelievethattheuseofthesenon-GAAPfinancialmeasuresprovidesanadditionaltoolforinvestorstouse inevaluatingprojectedoperatingresultsandtrendsinandincomparingCanoo’sfinancialmeasureswithothersimilarcompanies,manyofwhichpresentsimilarnon-GAAPfinancialmeasurestoinvestors.Managementdoesnotconsiderthesenon-GAAPmeasures inisolationorasanalternativetofinancialmeasuresdeterminedinaccordancewithGAAP.Theprincipallimitationofthesenon-GAAPfinancialmeasuresisthattheyexcludesignificantexpensesandincomethatarerequiredbyGAAPtoberecordedinCanoo’s financialstatements.Inaddition,theyaresubjecttoinherentlimitationsastheyreflecttheexerciseofjudgmentsbymanagementaboutwhichexpenseandincomeareexcludedorincludedindeterminingthesenon-GAAPfinancialmeasures.Inordertocompensate fortheselimitations,managementpresentsnon-GAAPfinancialmeasuresinconnectionwithGAAPresults.CanooisnotprovidingareconciliationofourprojectedEBITDAforfullyears2020-2026tothemostdirectlycomparablemeasurepreparedinaccordance withGAAPbecauseCanooisunabletoprovidethisreconciliationwithoutunreasonableeffortduetotheuncertaintyandinherentdifficultyofpredictingtheoccurrence,thefinancialimpact,andtheperiodsinwhichtheadjustmentsmayberecognized.Forthesame reasons,Canooisunabletoaddresstheprobablesignificanceoftheunavailableinformation,whichcouldbematerialtofutureresults.YoushouldreviewCanoo’sauditedfinancialstatements,whichwillbeincludedintheRegistrationStatement(asdefinedbelow) relatingtotheproposedbusinesscombination(asdescribedfurtherbelow). Inaddition,allCanoohistoricalfinancialinformationincludedhereinispreliminaryandsubjecttochangependingfinalizationofthe2019auditofCanooinaccordancewithPCAOBauditing standards. AdditionalInformationAbouttheProposedBusinessCombinationandWhereToFindIt TheproposedbusinesscombinationwillbesubmittedtostockholdersofHCACfortheirconsideration.HCACintendstofilearegistrationstatementonFormS-4(the“RegistrationStatement”)withtheSECwhichwillincludepreliminaryanddefinitiveproxy statementstobedistributedtoHCAC’sstockholdersinconnectionwithHCAC’ssolicitationforproxiesforthevotebyHCAC’sshareholdersinconnectionwiththeproposedbusinesscombinationandothermattersasdescribedintheRegistrationStatement,aswell astheprospectusrelatingtotheofferofthesecuritiestobeissuedtoCanoo’sshareholdersinconnectionwiththecompletionoftheproposedbusinesscombination.AftertheRegistrationStatementhasbeenfiledanddeclaredeffective,HCACwillmailadefinitive proxystatementandotherrelevantdocumentstoitsstockholdersasoftherecorddateestablishedforvotingontheproposedbusinesscombination.HCAC'sstockholdersandotherinterestedpersonsareadvisedtoread,onceavailable,thepreliminary proxystatement/prospectusandanyamendmentstheretoand,onceavailable,thedefinitiveproxystatement/prospectus,inconnectionwithHCAC'ssolicitationofproxiesforitsspecialmeetingofstockholderstobeheldtoapprove,among otherthings,theproposedbusinesscombination,becausethesedocumentswillcontainimportantinformationaboutHCAC,Canooandtheproposedbusinesscombination.Stockholdersmayalsoobtainacopyofthepreliminaryordefinitiveproxy statement,onceavailable,aswellasotherdocumentsfiledwiththeSECregardingtheproposedbusinesscombinationandotherdocumentsfiledwiththeSECbyHCAC,withoutcharge,attheSEC'swebsitelocatedatwww.sec.govorbydirectingarequestto NicholasA.Petruska,ExecutiveVicePresident,ChiefFinancialOfficer,3485NorthPinesWay,Suite110,Wilson,Wyoming83014orbytelephoneat(307)734-4849. INVESTMENTINANYSECURITIESDESCRIBEDHEREINHASNOTBEENAPPROVEDORDISAPPROVEDBYTHESECORANYOTHERREGULATORYAUTHORITYNORHASANYAUTHORITYPASSEDUPONORENDORSEDTHEMERITSOFTHE OFFERINGORTHEACCURACYORADEQUACYOFTHEINFORMATIONCONTAINEDHEREIN.ANYREPRESENTATIONTOTHECONTRARYISACRIMINALOFFENSE. ParticipantsintheSolicitation HCAC,Canooandcertainoftheirrespectivedirectors,executiveofficersandothermembersofmanagementandemployeesmay,underSECrules,bedeemedtobeparticipantsinthesolicitationsofproxiesfromHCAC’sstockholdersinconnectionwiththe proposedbusinesscombination.Informationregardingthepersonswhomay,underSECrules,bedeemedparticipantsinthesolicitationofHCAC’sstockholdersinconnectionwiththeproposedbusinesscombinationwillbesetforthinHCAC’sproxystatement/ prospectuswhenitisfiledwiththeSEC.YoucanfindmoreinformationaboutHCAC’sdirectorsandexecutiveofficersinHCAC’sfinalprospectusdatedFebruary28,2019andfiledwiththeSEConMarch4,2019. Additionalinformationregardingtheparticipantsin theproxysolicitationandadescriptionoftheirdirectandindirectinterestswillbeincludedinHCAC’sproxystatement/prospectuswhenitbecomesavailable. Stockholders,potentialinvestorsandotherinterestedpersonsshouldreadtheproxystatement/ prospectuscarefullywhenitbecomesavailablebeforemakinganyvotingorinvestmentdecisions.Youmayobtainfreecopiesofthesedocumentsfromthesourcesindicatedabove. NoOfferorSolicitation Thispresentationdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanysecurities,orasolicitationofanyvoteorapproval,norshalltherebeanysaleofsecuritiesinanyjurisdictioninwhichsuchoffer,solicitationorsalewouldbeunlawfulpriorto registrationorqualificationunderthesecuritieslawsofanysuchjurisdiction. Trademarks Thispresentationcontainstrademarks,servicemarks,tradenamesandcopyrightsofCanoo,HCACandothercompanies,whicharethepropertyoftheirrespectiveowners. DISCLAIMERS (CONT.)

 

 

CANOO 4

 

 

CANOO 5

 

 

CANOO 6 CANOO

 

 

CANOO 7 CANOO Note: Directional Image

 

 

CANOO 1 PROPOSED TRANSACTION SUMMARY 1. Prior to planned participation in the PIPE. See slide 52 for key assumptions and information.  Hennessy Capital Acquisition Corp. IV announced a business combination with Canoo Holdings Ltd., a technology - driven company developing unique electric mobility solutions to transform urban transportation  The transaction, inclusive of the over $300 million PIPE financing, is expected to fully fund the equity financing requiremen ts for the Canoo B2C Lifestyle Vehicle (LV) to start of production  Pro forma enterprise value of ~$ 1.84 billion, implying a 0.79x EV / 2025E r evenue multiple  Existing Canoo shareholders will own ~71.5% of the pro forma equity 1  The transaction is expected to close in Q4 2020  The transaction will be funded by HCAC cash held in trust account, HCAC common stock and proceeds from the PIPE financing  Transaction expected to result in ~$607 million of cash proceeds to Canoo to fund its commercial development and growth plans CAPITAL STRUCTURE TRANSACTION OVERVIEW

 

 

CANOO 9 HENNESSY CAPITAL –A CATALYST FOR GROWTH Strong alignment with Hennessy Capital’s objectives for value creation and growth 190 High Potential Targets Identified 29 Meaningful Reviews Completed 17 Initial Offers $1,430 $4,127 2024E Revenue 2026E Revenue $188 $964 2024E EBITDA 2026E EBITDA (Canoo Projected Financials, $m) 70% CAGR 127% CAGR IMMENSE OPPORTUNITY & GROWTH Specifically, HCAC performed 15 meaningful reviews of EV and advanced mobility companies, building conviction around the future of the sector and Canoo’s growth opportunity in the landscape

 

 

CANOO 10 WHAT CANOO HAS ACHIEVED IN TWO YEARS EFFICIENT CAPITAL DEPLOYMENT $250 million investment to reach Beta vs. market standard typically measured in billions of dollars PROPRIETARY TECHNOLOGY PLATFORM Develops and owns proprietary technology, and therefore not dependent on external licensing IMMEDIATE REVENUES Phased, de-risked go to market strategy resulting in immediate revenues MARKET VALIDATION Strong relationships with global leaders,including Hyundai, validate commercial progress, versatile applications for both consumer and B2B; positive consumer engagement PURPOSE -BUILT FINANCIAL PROFILE Subscription business model with potential to deliver highly attractive returns on equity enabled and enhanced by Canoo’s technology platform and purpose-built Lifestyle Vehicle EXCEPTIONAL TEAM Highly experienced teamwith deep automotive and technology background ASSET -LIGHT MANUFACTURING Asset-light business model with aleading contract manufacturing partner RAPID DEVELOPMENT Only 19 months to design, engineer and manufacture Beta vehicle –a process that typically takes 3 to 5 years

 

 

CANOO 11 SUMMARY HIGHLIGHTS 1 PROPRIETARY, MODULAR SKATEBOARD 2 MULTI-FACETED GROWTH STRATEGY 3 UNIQUE SUBSCRIPTION MODEL 4 DE-RISKED MANUFACTURING STRATEGY 5 ATTRACTIVE ENTRY VALUATION

 

 

CANOO 12 CANOO’S WORLD -CLASS MANAGEMENT TEAM UlrichKranz / In Charge ▪ Former BMW executive ▪ 30+ years in BMW and MINI ▪ Creator and Head of BMW i Division Richard Kim / In Charge of Design& Brand ▪ Lead Exterior Designer of i3 production vehicle, i3 and i8 concepts, and i8 Spyder concept at BMW ▪ Design Manager of VW Audi Group ▪ Faculty, Art Center College of Design Phillip Weicker In Charge of Propulsion and Electronics Established record of success designing , engineering and launching vehicles and technology products at scale Bill Strickland In Charge of Vehicle Programs * Denotes presentation speaker * Alexi Charbonneau In Charge of Skateboard and Body Sohel Merchant In Charge of Vehicle Architecture Paul Balciunas/ In Charge of Finance & Corporate Development ▪ 10+ years of electric vehicle financing ▪ Previously member of Deutsche Bank’s Global Automotive Investment Banking Group * Christoph Kuttner In Charge of Vehicle Trim AlexMarcinkowski In Charge of Corporate Strategy * Meera Pisharody In Charge of HR Andrew Wolstan In Charge of Legal

 

 

CANOO 13 CANOO COMPANY OVERVIEW

 

 

CANOO 14 CANOO AT A GLANCE –DISRUPTIVE EV COMPANY ▪ Offers modular, purpose-built EVs to solve the future of mobility ▪ Developed the flattest and lowest profile skateboard in the industry that enables a variety of vehicle configurations ▪ Dual-pronged B2C / B2B strategytargets large markets that are primed for explosive growth ▪ Partnership with to co-developa future electric car platform ▪ Reached Beta in only 19 months ▪ Headquartered in Los Angeles, CA ▪ Launched in 2018 Experienced Engineers and Management Highly-experienced leadership from the auto and tech industry Company Overview 90K Sq. Ft. R&D Center ~250+ Miles per Charge ~300 Employees Level 2.5 Autonomous Capability Proprietary EV Skateboard Technology Wide Range of Applicability $250 million Investment to Beta Over $450 million Capital Raised to Date 1 1. The amount raised does not include primary proceeds from HCAC cash held in trust and PIPE capital.

 

 

CANOO 15 19MONTHSTOBETA 13DRIVINGPROTOTYPES 32BETAPROPERTIES 50+CRASHTESTSCOMPLETED

 

 

CANOO 16 CANOO’S COMPETITIVE MOATS DEMONSTRATED VIABILITY Already designed, manufactured and tested a fleet of Beta vehicles, conducted over 50 crash tests and attracted blue chip customers DESIGNED FOR LOWEST COST IN INDUSTRY Proprietary, robust skateboard architecture simplifies the BOM and manufacturing processes, translating to lower costs to our customers OUR PLATFORM IS HIGHLY MODULAR Allows for rapid, efficient development of new product offerings WE HAVE OPTIMIZED FOR SPACE EFFICIENCY Market leading interior space relative to vehicle footprint with the industry’s first true steer-by-wire platform coming to market MANUFACTURABILITY IS BUILT INTO OUR DESIGNS Purpose built for efficient manufacturing and superior economic returns 1 2 3 4 5

 

 

CANOO 17 THREE PHASES OF REVENUE STREAMS Canoo has a multi -phased approach to generate revenue and grow operations 1. Skateboard licensing opportunity not currently reflected in the financial model or projections and represents an upside opportunity for these figures. Description Timing $120 $450 2021E 2025E Engineering Services Electric vehicle concept design and engineering services for auto OEMs and other Strategics Today CAGR: 39% B2C No commitment subscription program that includes a vehicle and other services bundled into a single monthly payment $79 $1,191 2022E 2025E 2022 CAGR: 147% B2B Canoo delivery vehicle and Canoo skateboard licensing (upside opportunity) 1 2023 $175 $700 2023E 2025E CAGR: 100% Revenue ($m) ($m) ($m)

 

 

CANOO 18 CANOO CANOO’S FOUNDATION: THE SKATEBOARD

 

 

CANOO 19 ▪ The first true steer-by-wireplatform coming to market ▪ Composite leaf spring suspension ▪ Majority of crash test incorporated into skateboard design ▪ Battery modulesincorporateddirectly into skateboard structure ▪ In-house designed ECUs and battery management system (BMS) CANOO SKATEBOARD TECHNOLOGY Canoo has developed and produced a unique independently drivable rolling chassis Flattest and lowest profile skateboard in the industry enables minimized footprint, maximized interior volumeand highly modular configurations, while cutting development costs

 

 

CANOO 20 FASTER, SMARTER, BETTER Enables new vehicle development in as little as 18 to 24 months at a lower cost vs. competitors by leveraging modular core skateboard technology

 

 

CANOO 21 COLLABORATION WITH GLOBAL LEADING OEM Partnership with Hyundai represents compelling customer traction –illustrating Canoo's technological leadership and reinforcing commercial confidence in its offerings Hyundai Motor Group & Canoo to Co-Develop All-Electric Platform for Future Electric Vehicles ▪ The companies will jointly develop an all-electric platform based on Canoo’s fully scalable, proprietary skateboard design for upcoming Hyundai and Kia EVs and PBVs ▪ Hyundai Motor Group expects the new platform using Canoo’s skateboard architecture to allow for a simplified and standardized development process, lowering vehicle price “We were highly impressed by the speed and efficiency in which Canoo developed their innovative EV architecture, making them the perfect engineering partner for us as we transition to become a frontrunner in the future mobility industry” -Albert Biermann, Head of R&D at Hyundai Motor Group

 

 

CANOO 22 CANOO VEHICLE OFFERINGS B2C LifestyleVehicle (LV) B2B Delivery Vehicle (DV) B2C Sport Vehicle (SV) Vehicle Estimated Specifications ▪ 250+ mile range ▪ Charge time of 20% to up to 80% in 28 minutes ▪ 125 mph top speed ▪ 7 passenger seat capacity ▪ 200+ mile range ▪ Totalcargo volume ranging from 6.2 to 11 m 3 ▪ ~2,600 kg vehicle weight ▪ 300+ mile range ▪ 4 or 5 passenger seat capacity ▪ Smaller footprint than Tesla Model 3 with capacity for as much as twice the interior space ▪ Developed specifically for subscription model Target Launch ▪ Q2 2022 ▪ 2023 ▪ 2025 Description ▪ Available exclusively through subscription program that bundles vehicle and key services ▪ Targeting young professionals ▪ Flat skateboard design allows for maximum volume efficiency relative to competitor vehicles ▪ Powertrain, battery, electrical and thermal systems are direct carryovers from Lifestyle Vehicle, ensuring reduced cost and time to market ▪ 2nd consumer vehicle introduced via subscription to complement LV in lineup ▪ Targets different demographic than LV to capture more conventional vehicle audience All based on same proprietary Canoo skateboard platform Note: Vehicle specifications are prospective, reflecting current engineering and design direction. Final production vehicle specifications are subject to change.

 

 

CANOO 23 SIGNIFICANT OPPORTUNITY EXISTS Canoo’s dual -pronged B2C / B2B strategy targets large markets that are primed for explosive growth 1. Source: EVAdoption. 2. Source: TechNavio. 3. Source: eMarketer. Canoo’s B2B Delivery Vehicle targets the last mile delivery market, which is supported by the $1 trillion North American e-commerce market $31.3 $35.3 $39.9 $45.1 $51.0 2018 2019 2020E 2021E 2022E $636.7 $726.8 $826.9 $943.6 $1,053.1 2018 2019 2020E 2021E 2022E ($bn) ($bn) Canoois targeting California for the initial rollout of its B2C Lifestyle Vehicle due to the state’s outsized market share and targeted customer base 153,442 175,000 220,000 290,000 350,000 2018 2019E 2020E 2021E 2022E U.S. EV SALES FORECAST 1 NORTH AMERICAN E -COMMERCE MARKET SIZE 3 LAST-MILE DELIVERY SERVICES MARKET SIZE 2 CALIFORNIA EV FORECAST 1 328,118 382,920 507,710 686,450 824,050 2018 2019E 2020E 2021E 2022E B2C LIFESTYLE & SPORT VEHICLES B2B DELIVERY VEHICLE Lifestyle Vehicle Sport Vehicle (vehicles) (vehicles)

 

 

CANOO 24 CANOO LIFESTYLE VEHICLE

 

 

CANOO 25 THE POST-SUV EVOLUTION U S A B I L I T Y TIME STATION WAGON 1960s – ’70s MINIVAN 1980s – ’90s SUV 2000s – PRESENT CANOO FUTURE OF SPACE Consumers want space for passengers and cargo

 

 

CANOO 26 INTERIOR A loft on wheels with everything you need and nothing you don’t

 

 

CANOO 27 THE OPTION TO MAKE IT YOUR OWN Canoo members will get the chance to “wrap” their vehicle in custom skins to personalize the experience and keep every vehicle looking and feeling fresh Pegboards Customize the Canoo sidewall with various options Exterior Wraps 1 Numerous custom skins available to make your Canoo unique BYOD Bring your own device so you can keep using all the apps you love 1. Wrapping available for extra fee ▪ One color / one trim greatly simplifies fleet management and reduces supply chain and manufacturing costs and complexity ▪ Customization for each subscriber can enhance the customer experience, increase average time on lease, and decrease churn / increase fleet utilization ▪ Uniquely customizable exterior and interior makes vehicle feel purpose-builtfor each subscriber and feel “new” irrespective of actual vehicle age

 

 

CANOO 28 LIFESTYLE VEHICLE OVERVIEW Flat design of the Canoo skateboard enables the highest volume utilization across all classes of competitor vehicles Source: Publicly available specification sheets. 1. SAE J1100 PV1 + PV2 + PV3; ft 3 2. SAE J1100 L103; millimeters 3. SAE J1100 L101; millimeters Honda Odyssey Volkswagen e-Golf Canoo Length:4,421mm Passenger Volume:188.1 cu. ft. Length:5,161mm Passenger Volume:160.1 cu. ft. Length:4,270mm Passenger Volume:93.5 cu. ft. Tesla Model 3 Length:4,694mm Passenger Volume:96.9 cu. ft. 2,629 2,850 2,875 2,965 3,000 Volkswagen E-Golf Canoo Tesla Model 3 Tesla Model X Honda Odyssey 5,161 5,036 4,694 4,421 4,270 Honda Odyssey Tesla Model X Tesla Model 3 CanooVolkswagen E-Golf 188 160 112 97 94 CanooHonda Odyssey Tesla Model X Tesla Model 3 Volkswagen E-Golf 13 9 7 7 6 Canoo Honda Odyssey Tesla Model X Volkswagen E-Golf Tesla Model 3 TOTAL PASSENGER VOLUME 1 LENGTH 2 WHEELBASE 3 CUBIC FEET OF PASSENGER VOLUME PER FOOT OF LENGTH

 

 

CANOO 29 FULLY AUTONOMOUS COMPATIBLE Level 2.5 autonomyfor SOP in 2022 ▪ Steer-by-wire ▪ Brake-by-wire ▪ Software integration module ▪ LiDARready ▪ Upgradable AI control module ▪ Uniquely integrateable with 3 rd party next-gen autonomy 7 Cameras 5 Radars 12 Ultrasonic sensors

 

 

CANOO 30 LIFESTYLE DEVELOPMENT PROGRAM TIMING Canoo’s rapid commercialization progress speaks to the quality and experience of its leadership team AUGUST 2020 Manufacturing Facility Retrofit Commences Gamma Kick-Off First Gamma Prototype Ready Gamma Program Sign-Off First Vehicle Available for Consumers Use Q2 2022 (estimated) Serial Start of Production

 

 

CANOO 31 CANOO CANOO B2B DELIVERY VEHICLE Large cargo utility space –with a very small footprint Note: Directional Image

 

 

CANOO 32 DELIVERY VEHICLE OVERVIEW Attractive configurations built on base skateboard targeted to address growing last-mile delivery market Note: Directional images. Source: Publicly available specification sheets. 1. SAE J1100 PV1 + PV2 + PV3; M 3 2. SAE J1100 L103; millimeters 3. SAE J1100 L101; millimeters 2,850 3,259 3,300 3,494 Canoo L3H3 Mercedes Sprinter L1H1 Ford Transit L2H2 SS WORK Box L 5,809 5,531 5,267 5,028 SS WORK Box L Ford Transit L2H2 Mercedes Sprinter L1H1 Canoo L3H3 11 10 8 8 Canoo L3H3 Ford Transit L2H2 SS WORK Box L Mercedes Sprinter L1H1 2.0 1.8 1.5 1.4 Canoo L3H3 Ford Transit L2H2 Mercedes Sprinter L1H1 SS WORK Box L L1H1 L2H2 L3H3 4359 4830 5028 1890 2000 2150 TOTAL CARGO VOLUME 1 LENGTH 2 WHEELBASE 3 CUBIC METERS OF CARGO VOLUME PER METER OF LENGTH

 

 

CANOO 33 DELIVERY VEHICLE DEVELOPMENT STRATEGY ▪ Direct carryover content from coreskateboard technology ? Includes powertrain, battery, electrical architecture, thermal system ? Onlyminor modification and repackaging required ▪ Chassis, crash structure strategy and body design will be modified to facilitate dimensional, performance and cost requirements ? Utilize experience from LV platform to accelerate commercialization timeline ▪ Top hat design utilizes simple and modern aesthetic to simplify engineering and manufacturing ? Reduced cost and time to market ESTIMATED 18 MONTHS FROM PROJECT START TO DELIVERY Aggressive timing plan enabled by: 1.Canoo being an established company 2. Employing a simple but forward-thinking top hat design 3. Utilization of significant portions of carry-over technology Q1 2021 Project Start with EstimatedSerialProductionby Q4 2022 and Revenue by Q1 2023 DEVELOPMENT STRATEGY Note: Directional images.

 

 

CANOO 34 CANOO CANOO SPORT VEHICLE Note: Directional Image

 

 

CANOO 35 SPORT VEHICLE OVERVIEW ▪ Expectedto be available to customers in 2025 ▪ Utilizessame core skateboard platform as the Lifestyle and Delivery Vehicles, reducing cost to develop and launch ▪ Applies proprietary technology to a traditional, sedan-like vehicle, enabling Canoo to penetrate a new, separate market segment Smaller and shorter than Tesla Model 3, but with capacity for far greater interior space , enabled by Canoo’s proprietary skateboard Note: Directional images.

 

 

CANOO 36 CANOO CONTRACT ENGINEERING

 

 

CANOO 37 CONTRACT ENGINEERING & LICENSING OPPORTUNITIES Contract engineering partnerships validate Canoo’s technology and generate revenue that reduces the Company’s overall execution risk Technology Companies Passenger Vehicle OEMs Autonomous Vehicle Technology Suppliers Delivery Vehicle OEMs ▪ $120millionof projected revenue in 2021E ▪ Pipelineof 7projects ▪ Potentialprojects: ? Design ? New Vehicle Contract Engineering ? SkateboardLicensing 1 ? Vehicle Sales Hyundai–New Vehicle Contract Engineering ▪ Validated skateboard technologies over 12 months with multiple onsite visits ACTIVITY OVERVIEWSELECT CUSTOMER TYPES SELECT PROJECTS AI / VR Start-up –Design ▪ Canoo recognized as vehicle platform for AR integration with potential for significant vehicle orders for partner European Auto OEM –Delivery Vehicle Contract Engineering ▪ Last-mile electric vehicle delivery solutions to win contracts with logistics players Tech Strategic –Contract Engineering & Vehicle Sales ▪ Player in smart car and autonomous vehicle that has identified Canoo as a base platform to integrate systems 1. Skateboard licensing opportunity not currently reflected in the financial model or projections and represents an upside opportunity.

 

 

CANOO 38 CANOO SUBSCRIPTION

 

 

CANOO 39 NOT A CAR SWAPPING MODEL …Which requires high penetration rates and complex logistics OR A RIDESHARING COMPANY …Which have challenging unit economics Lease Time commitment Down payment Customer pays maintenance No insurance - Time commitment No down payment Routine maintenance at no extra cost We handle the DMV for you Access and assistance with insurance Charging access at your fingertips + Subscription = One monthly payment, no commitment CANOO IS A SUBSCRIPTION Simplest way to have a single vehicle all to yourself for as long as you want (minimum term of 1 month)

 

 

CANOO 40 GROWING DEMAND FOR SUBSCRIPTION MODELS Macro trends driving accelerated auto subscription demand 1. Rethink, WSJ. Representative sample of largest developed global metropolitan areas. 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 0 1 2 3 4 5 6 7 Individual ownership miles TaaS miles SOP CHARACTERISTIC BENEFIT Vehicle is electric No legacy dealer network Manufacturing to demand Vehicle manufactured for subscription Vehicle comes in single variant Subscription is direct-to-consumer Valuable consumer data collection Provider has no vehicles in market Less maintenance, greater longevity Barrier to entry Significantly reduces overcapacity risk Cost conscious BOM, durable components Easy to repair, smaller part bin, cheaper No dealers translates to additional margins Data monetization opportunities More attractive depreciation schedule No competing service has all the critical elements for a successful subscriptionmodel GROWTH IN “TRANSPORTATION -AS-A-SERVICE” ( TaaS) IS DRIVING DEMAND FOR NEW MOBILITY SOLUTIONS 1 CRITICAL SUCCESS FACTORS FOR SUBSCRIPTION SERVICES (tn)

 

 

CANOO 41 SUBSCRIPTION MODEL We believe subscription -based models are essential for success today and into the future Pay Month to Month No Dealerships Access to Insurance Within Canoo App Maintenance Included Public Charging Included Registration Included 1.No upfront payment or breakage fees upon contract termination vs. sizeable down payment and lease costly opt-out fees 2.Minimum term of 1 month vs. fixed term of 2 to 3 years 3.No dealers and direct-to-consumer vs. picking up car at dealer network 4.Digital first experience (managed via Canoo app) vs. complex paperwork and physical process 5.Includes benefits within monthly payment price vs. a payment that only gets you a vehicle 6.Canoo keeps vehicle for entire lifecycle vs. sending to re-sale auction after lease ends BENEFITS OF A SUBSCRIPTION MODEL SUBSCRIPTION VS. LEASING No Up -Front Payment or Breakage Fee

 

 

CANOO 42 HOW IT WORKS Subscription is a direct-to-consumer, no commitment and transparent alternative to leasing / buying a vehicle 01 Apply For Subscription 02 Receive Your Canoo 03 Drive As If It’s Yours 04 Enjoy The Subscription 05 Return When Ready Download the Canoo app and apply to be a member Once approved, go and pick up your Canoo at a nearby location in your city Use the vehicle as if you owned or leased the vehicle (minimum term of 1 month) Experience the peace of mind and flexibility of one monthly payment for all your vehicle needs: insurance, charging, registration and routine maint. all included Drop off your Canoo at the closest location

 

 

CANOO 43 CANOO DELIVERS OUTSIZED VALUE AT COST EQUIVALENCE Note: Bar charts represent illustrative costs. 1. All-in costs include lease down payments, registration / renewal fees, maintenance / repair costs, charging and title / delivery fees. $ ? ? ? $$$ Lease Payment Down Payment Maintenance Registration Charging All-In Lease Costs Consumers Pay ~40% More Than Lease Price  No Down Payment  No Term or Commitment  No Dealers  No DMV or Registration  No Out-of-Pocket Maintenance  Unified Experience Through App CONSUMER SUBSCRIPTIONTRADITIONAL LEASE 1  Requires Sizeable Down Payment  Multi-Year Commitment  Fragmented Vendor Landscape  Difficult to Manage $$$ Monthly Fee Subscription model pricing versus a traditional lease

 

 

CANOO 44 SUBSCRIPTION GO -TO-MARKET PARTNERSHIPS Fleet Operations Payment Processing Maintenance And Repair Platform Support Charging Insurance Government Financing Utilizing partnerships to focus on core competencies and reduce execution risk: ▪ Facilitates the city-by-city launch and operations of Canoo subscription model ▪ Focused on 13 key U.S. metropolitan areas, starting in Southern California ▪ Enables Canoo to be asset / infrastructure light ▪ Leverages lessons and experience of larger companies and auto subscription experts ▪ Keeps a larger portion of Canoo’s costs as variable expenses, providing greater financial flexibility ▪ Provides greater clarity in cost projections ▪ Optimizes customer experience for subscribers PARTNERSHIP CATEGORIES

 

 

CANOO 45 SUBSCRIPTION VS . SALE A subscription model can generate an estimated ~4x margin on each vehicle compared to a direct sale Note: All figures indexed to 100. 1. Analysis is representative and does not necessarily reflect Canoo’s specific subscription economics. 100 ONE-TIME SALE REVENUE 80 VEHICLE COST 20 DIRECT SALE MARGIN 225 VEHICLE LIFETIME REVENUE 145 VEHICLE LIFETIME COST SUBSCRIPTION MODEL 1 ONE-TIME VEHICLE SALE 80 SUBSCRIPTION MARGIN

 

 

CANOO 46 ILLUSTRATIVE SUBSCRIPTION UNIT ECONOMICS Subscription generates consistent cash flow and strong ROE over vehicle life –model is less dependent on new vehicle sales, creating a considerably more profitable & resilient model when compared with other OEMs ($9) $2 $2 $2 $2 $2 $6 $6 $6 $6 $6 $6 ($20) ($6) ($6) ($6) ($5) ($5) ($2) ($2) ($2) ($2) ($1) ($1) Total Lifetime Revenue $90 Total Lifetime Vehicle Costs ($57) Total Lifetime Profit / Vehicle $33 Total Lifetime Margin 37% 12-YEAR CONTINUOUS CUSTOMER CASH FLOW 1 TOTAL VEHICLE PROFIT 1 R e v e n u e C o s t s N e t C a s h F l o w ($ 000s) First year cost includes BOM, contract manufacturing fee, delivery fee and allocation of tooling costs $11 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 $7 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 ($ 000s) Subscription model generates highly attractive ROE 2 and projected to deliver a premium trading multiple Upon repaying vehicle loan, subscription model yields significant returns on equity Analysis does not include further upside value opportunity upon end of 12-year subscription period 1. Analysis is representative and does not necessarily reflect Canoo’s specific subscription economics. 2. Illustrative Gross ROE of 147% and 12-year IRR of 28%.

 

 

CANOO 47 CANOO MANUFACTURING

 

 

CANOO 48 MANUFACTURING RELATIONSHIP Canoo has an asset-light model through a strategic relationship with aworld-class contract manufacturer, which has allowed Canoo to reach Beta faster and with less capital deployed vs. EV competitors STRATEGIC RELATIONSHIP: CANOO VEHICLES DESIGNED FOR MANUFACTURAB ILITY AT HIGHEST QUALITY LEVELS xAssemblyof skateboard, cabinandcomplete vehicle xExpenses for labor and overhead costs needed to manufacture the vehicle xResource planning for plant labor and materials xProcurement of required parts and materials on contracting model xIP, design and engineering of the vehicle xInitial tooling investment required for manufacturing xVehicle distribution xSupport manufacturing engineering and operations MANUFACTURING PROCESS CANOO STANDARD EV MANUFACTURING » Reduces cash and capital requirements » Plugs into up-and-running world-class manufacturing systems » Ability to quickly scale volumes up or down based on demand » Leverages existing manufacturing know-how and process » Reduces overcapacity and production risk x x x x     Fee per vehicle Initial purchase of required tooling $ Fully assembled vehicle BENEFITS OF CONTRACT MANUFACTURING x  World-Class Contract Manufacturer

 

 

CANOO 49 MANUFACTURING PLAN Vehicle production will be outsourced, reducing complexity and required CapEx and allowing Canoo to focus on core competencies and benefit from a leading contract manufacturer’s expertise Attributes ▪ Body shop and full assembly ▪ No paint shop needed ▪ Flexible production volumes ▪ Capacity: 100K units / year ▪ SOP 2022 Process 1. No painting–skateboard, upper body and closures are E-coated while exterior is constructed of colored thermoplastic 2. Separate build of skateboard and cabin bodies in parallel; body shop to consist of skateboard, cabin and closures lines 3. Skateboard assembled from chassis and powertrain, including electrical wiring for the battery 4. General assembly line will marry skateboard structure to upper body top hatand install wiring, electronics, carpet, trim, IP, seats, exterior and other components 5. Final full vehicle testing before completion PRODUCTION FACILITY STRATEGY EFFICIENT PRODUCTION PROCESS SKATEBOARD BODY (BODY SHOP) E-COAT SKATEBOARD ASSEMBLY E-COAT UPPER BODY AND CLOSURES (BODY SHOP) INTERIOR / EXTERIOR ASSEMBLY CHASSIS ALIGNMENT END OF LINE TEST (FINISHING) ▪ Canoo deliberately andthoughtfully engineered skateboard and top hat for efficient manufacturing at high volumes at the highest qualitylevels ▪ Proprietary parallel processcuts manufacturing time significantly and eliminates costly orproblematic processes such as painting Contract manufacturer would launch the production of Canoo’s vehicles in their assembly facility

 

 

CANOO 50 CANOO FINANCIALS & TRANSACTION OVERVIEW

 

 

CANOO 51 SUMMARY FINANCIAL PROJECTIONS Model conservatively assumes rollout in 13 cities –significant upside in expansion both domestically and internationally Note: Canooestimates NOLs to fully offset taxable income through 2026E. 1. Includes Lifestyle and Sport Consumer vehicles. 2. Includes vehicle depreciation in COGS. 3. Excludes vehicle fleet capital expenditures. ($m, except vehicle units) 2021E 2022E 2023E 2024E 2025E 2026E Volumes Lifestyle Consumer - 10,000 25,000 50,000 50,000 50,000 Delivery B2B Vehicle - - 5,000 10,000 20,000 50,000 Sport Consumer - - - - 25,000 50,000 Total Volume - 10,000 30,000 60,000 95,000 150,000 Cumulative Fleet Volume for Subscription 1 - 10,000 35,000 85,000 160,000 260,000 Revenue Subscription - $79 $265 $630 $1,191 $1,927 Engineering & B2B $120 $250 $575 $800 $1,150 $2,200 Total Revenue $120 $329 $840 $1,430 $2,341 $4,127 % growth 258% 174% 156% 70% 64% 76% Gross Profit Subscription 2 - $30 $108 $256 $468 $730 % margin NM 38% 41% 41% 39% 38% Engineering & B2B $25 $95 $89 $172 $239 $449 % margin 21% 38% 15% 22% 21% 20% Total Gross Profit 2 $25 $125 $197 $429 $707 $1,178 % margin 21% 38% 23% 30% 30% 29% EBITDA 2 ($349) ($245) ($69) $188 $522 $964 % margin NM NM NM 13% 22% 23% EBIT ($372) ($287) ($118) $127 $461 $903 % margin NM NM NM 9% 20% 22% Operating Capital Expenditures 3 $128 $175 $56 $91 $16 $16 % of revenue 107% 53% 7% 6% 1% 0%

 

 

CANOO 2 TRANSACTION OVERVIEW The transaction is expected to fully fund the equity financing requirements of the Canoo LV and the PIPE will be anchored by existing Canoo shareholders 1. Assumes no redemptions from HCAC’s existing public shareholders and includes HCAC founders. 2. Includes participation in the PIPE by Canoo and HCAC related parties. 3. Excludes any existing cash balance held by Canoo and proceeds from the most recent convertible note financing of $155 million in 2020, which was converted pre - signing and is included in the $1.75 billion stock consideration to the existing Canoo shareholders. 4. Assumes new shares are issued at a price of $10.00. Excludes the impact of 24.4 million out - of - the - money HCAC warrants (strike p rice of $11.50 or 15% out - of - the - money) which is reflective of the cancellation of certain of the sponsor warrants. Excludes potential earnout shares to the existing Canoo shareholders of three tranches of five million shares each earned at share price targets of $18. 00 , $25.00 and $30.00. 5. Excludes Canoo forgivable PPP loan. ESTIMATED SOURCES AND USES PRO FORMA VALUATION ILLUSTRATIVE PRO FORMA OWNERSHIP 1,2,4 PRO FORMA CAPITALIZATION Public Shareholders, 15.3% PIPE Investors, 13.2% Existing Canoo Shareholders , 71.5% (m) Pro Forma Ownership Shares % Ownership Public Shareholders 1 37.5 15.3% 32.3 13.2% 175.0 71.5% PF Shares Outstanding 244.8 100.0% PIPE Investors 2 Existing Canoo Shareholders Sources ($m) HCAC Trust Equity1 $309 PIPE 2 323 Stock Consideration to Existing Canoo Shareholders 1,750 Total Sources $2,382 Uses ($m) Stock Consideration to Existing Canoo Shareholders $1,750 Estimated Fees & Expenses 25 Cash to Canoo Balance Sheet 3 607 Total Uses $2,382 ($m, except per share amounts) PF Shares Outstanding 4 244.8 Share Price $10.00 PF Equity Value $2,448 Plus: Debt 5 $0 Less: Cash 3 (607) PF Enterprise Value $1,841

 

 

CANOO 53 ATTRACTIVE TRANSACTION PRICING Note: Figures in bar charts represent enterprise value. Apply a range of 2.00x –4.00x 1-year forward multiples, a discount to public comparables, to Canoo’s 2025E revenue The resulting future enterprise value is discounted back by 4 years to arrive at an implied enterprise value The transaction value implies a 74% discount to the midpoint of the implied future enterprise value and 46% discount to the midpoint of the discounted enterprise value ($m) 74% Discount 46% Discount Forward year multiples: 2.00x –4.00x 2025E revenue: $2,341 million Discount rate: 20% METHODOLOGY ASSUMPTIONS $1,841 $4,682 $2,258 $9,364 $4,516 Implied Future EV Implied Discounted EV Transaction Value

 

 

CANOO 54 Incorporates Netflix as a proxy for high-growth subscription and Tesla as a proxy for high-growth EV to valuation framework Applies 5-year median 2-year forward multiples to Canoo’s 2025E Subscription 1 and Engineering / B2B vehicle revenue Discounted back by 3 years to arrive at indicative enterprise value SUM-OF-THE-PARTS VALUATION Canoo has a unique business model that shares aspects of both a subscription and high -growth EV companies Source: FactSetas of August 14, 2020. 1. Includes Lifestyle and Sport Vehicle subscription revenues. 2. Represents median 2-year forward gross margin over the last 5 years for Netflix and Tesla and median over the next 5 years for Canoo. SOTP FORWARD MULTIPLE ANALYSIS SOTP METHODOLOGY Aug-15 Mar-16 Sep-16 Apr-17 Nov-17 May-18 Dec-18 Jul-19 Jan-20 Aug-20 0 1 2 3 4 5 6 7 8 9 10 Current 2-Yr. Fwd. EV / Revenue: 7.52x Aug-15 Mar-16 Sep-16 Apr-17 Nov-17 May-18 Dec-18 Jul-19 Jan-20 Aug-20 0 1 2 3 4 5 6 7 8 9 10 Current 2-Yr. Fwd. EV / Revenue: 7.65x HIGH -GROWTH SUBSCRIPTION BUSINESS MODEL HIGH -GROWTH EV OEM MODEL Median 2-Yr. Fwd. EV / Revenue: 2.79x Median 2-Yr. Fwd. EV / Revenue: 5.79x MEMO: MEDIAN GROSS MARGINS 2 Netflix: 39.6% CanooSubscription: 39.3% Tesla: 22.6% Canoo Engineering & B2B: 20.8% ($m) 2025E Revenue 2-Yr Fwd. Med. Multiple Implied 2023E Firm Value Subscription Revenue 1 $1,191 5.75x $6,848 Engineering & B2B Vehicle Revenue $1,150 2.75x $3,163 Total $2,341 4.28x $10,011 Discount Rate to 2020E Present Value 15% 20% 25% Indicative Enterprise Value $6,582 $5,793 $5,125 Post-money Enterprise Value – PIPE Entry $1,841 $1,841 $1,841 Implied Upside Potential 258% 215% 178%

 

 

CANOO 55 CANOO THANK YOU Note: Directional Image

 

 

CANOO 56 CANOO SUPPLEMENTAL MATERIALS

 

 

CANOO 57 STRATEGIC INVESTMENT HIGHLIGHTS 1. Skateboard licensing opportunity not currently reflected in the financial model or projections and represents an upside opportunity for these figures. 2. Projected CAGRs for Engineering Services, Consumer Subscription & B2B are 2021E-2025E, 2022E-2025E and 2023E-2025E, respectively. 1 Proprietary, Modular Skateboard ▪ Shifts in demographics and consumer preferences are supportive of new forms of transportation and business models ▪ The traditional experience of buying or leasing a car is burdensome to consumers and ripe for disruption ▪ Canoo’s B2C subscription model delivers highly attractive return on equity and elongates the revenue generation horizon of a single vehicle to ~12 years with potential to achieve a higher margin 2 Multi-Faceted Growth ▪ Canoo’s development of its EV skateboard platform minimizes engineering investments and development costs and opens multiple revenue opportunities by catering to a broad spectrum of consumer and commercial customers ▪ Canoo capitalizes on dual-pronged go to market strategy (B2C + B2B) that significantly increases TAM / provides substantial growth opportunities, resulting in Engineering Services, Consumer Subscription and B2B segments projected to grow at projected CAGRs of 39%, 147% and 100%, respectively, through 2025 2 3 Unique Subscription Model ▪ Canoo’s proprietary electric vehicle skateboard design effectively enables multiple EV configurations and provides for high degree of design optionality across commercial and consumer applications ▪ Skateboard licensing to automotive OEMs, EV startups and technology companies remains a viable, high margin revenue source lending upside to the current financial model 1 4 De-Risked Manufacturing Strategy ▪ Canoo has reduced the risk of its manufacturing strategy by working with a Tier 1 automotive contract manufacturer ▪ Not owning and operating its own manufacturing facilities allows Canoo to reduce CapExto focus on technology investments, accelerate its ability to scale and provide greater visibility into margins ▪ Ability to manufacture to demand and quickly scale volumes up or down, which reduces overcapacity and production risk 5 Attractive Entry Valuation ▪ Upon completion of the business combination, Canoo will be a unique publicly traded EV asset differentiated by its numerous avenues to revenue generation and is expected to be the only EV player to integrate true steer-by-wire technology ▪ Long asset life and utilization, optimized direct costs and visible fleet dynamics translate to steady and recurring cash flows ▪ Canoo is much less dependent on new vehicle sales through its unique subscription model, which is projected to generate superior margins vs. direct sales, consistent cash flows and attractive ROE, and is estimated to deliver a premium trading multiple

 

 

CANOO 58 CANOO SKATEBOARD DETAILS Proprietary, highly differentiated skateboard architecture is the core of all Canoo product offerings COMPETITORS CANOO Suspension Composite leaf spring suspension creates a completely flat skateboard maximizing interior passenger space and modularity Suspension Traditional suspension intrudes into the passenger compartment, inefficiently utilizing interior space Steering Steer-by-wire eliminates need for mechanical steering column, enabling full benefit of autonomous driving and maximizes interior space while minimizing overall vehicle footprint Steering Mechanical steering column creates engineering constraints and reduces flexibility for design Battery Pack Battery pack fastened directly to skateboard structure, reducing weight and increasing usable space Battery Pack Separate battery enclosure increases weight and requires additional space to accommodate Crash Testing Majority of crash test incorporated into skateboard design, significantly reducing testing time and expense of future individual models Crash Testing Little crash test validation embedded in skateboard, requiring significant model-by-model testing Architecture Fully functional rolling chassis; powertrain and connectivity features embedded; crash tested; multiple battery, motor and load capabilities Architecture Not a true rolling chassis, connectivity hardware not included Power Systems High-integrity power distribution enables autonomy; small number of high-performance ECUs and zone based wiring harness for maximum efficiency Power Systems Architecture does not provide redundancies for higher autonomy levels; single-function ECUs add cost and reduces efficiency; heavy and costly wiring harness

 

 

CANOO 59 A TRUE MODULAR PLATFORM GARNERING INTEREST Versatility of Canoo's skateboard allows for a wide range of potential products and use cases at minimal additional expense O N E S K A T E B O A R D M U L T I P L E C A B I N S

 

 

CANOO 60 HYUNDAI PRESS RELEASE Source: Hyundai website. Los Angeles / Seoul, Feb 11/12, 2020 –Hyundai Motor Group and Canoo announced today that Hyundai has engaged Canoo to jointly develop an electric vehicle (EV) platform based on Canoo’s proprietary skateboard design for upcoming Hyundai and Kia models. As part of the collaboration, Canoo will provide engineering services to help develop a fully scalable, all-electric platform to meet Hyundai and Kia specifications. Hyundai Motor Group expects the platform to help facilitate its commitment to delivering cost competitive electrified vehicles —ranging from small-sized EVs to Purpose Built Vehicles (PBV) —that meet diverse customer needs. [Canoo] offers a skateboard platform which houses the most critical components of the vehicle with a strong emphasis on functional integration, meaning all components fulfill as many functions as possible. This feat of engineering reduces the skateboard size, weight and total number of parts, which ultimately provides more interior cabin space and a more cost- effective EV offering. In addition, the Canoo skateboard is a self-contained unit that can be paired with any cabin design. Hyundai Motor Group expects an adaptable all-electric platform using Canoo’s scalable skateboard architecture to allow for a simplified and standardized development process for Hyundai and Kia electrified vehicles, which is expected to help reduce cost that can be passed along to consumers. Hyundai Motor Group also expects to reduce complexity of its EV assembly line, allowing for rapid response to changing market demands and customer preferences. With this collaboration, Hyundai Motor Group doubles down on its recent commitment to invest $87 billion USD over the next five years to foster future growth. As part of this drive, Hyundai plans to invest $52 billion USD in future technologies through 2025, while Kia will invest $25 billion USD in electrification and future mobility technologies, aiming for eco-friendly vehicles to comprise 25% of its total sales by 2025.

 

 

CANOO 61 CANOO’S COMPARABLES EV Players AutoTech Mobility Platform Consumer Subscription Recent AutoTech SPACs ▪ Pure-play EV competitors ▪ CapEx heavy business model vs. Canoo’s asset-light operation ▪ Enabling next-gen technology in automotive sector ▪ Technology-driven differentiation ▪ Alternative to traditional car ownership ▪ Digital-first access to consumers ▪ Disrupting longstanding business models ▪ Recurring revenue streams ▪ High-growth AutoTech players ▪ Valuations driven by long-term projections

 

 

CANOO 62 63.7% 64.4% 41.4% 14.0% 46.5% 32.3% 29.2% 18.1% 16.3% 14.7% 12.6% 7.6% 48.5% 41.1% 41.3% 33.3% 21.8% 17.7% 8.9% 8.0% 220.0% 128.1% 105.2% 66.2% 66.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 22.3% (11.2%) 16.3% 11.0% 56.6% (14.4%) 14.0% 42.2% 27.1% 15.8% 5.4% 31.3% (7.3%) (1.8%) 5.9% 2.2% 0.2% 20.8% 43.1% 20.2% 18.9% 6.6% 28.8% 10.4% 21.8% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 30.2% 13.4% 21.5% 14.7% 75.3% 24.4% 19.9% 66.2% 42.2% 34.3% 60.2% 69.2% 54.3% 54.3% 45.5% 44.5% 25.8% 40.4% 75.7% 67.3% NA 22.3% 35.2% 18.6% 57.8% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 OPERATING BENCHMARKING Source: FactSetand CapIQ. Market data as of August 14, 2020. Note: All metrics reflect CY2021E unless otherwise noted -Hyliion, Lordstown, Nikola, Fisker and Velodyne reflect CY2024E. 1. Mobileye represents CY2018E based on pre-announcement unaffected trading price as of March 10, 2017. AutoTech Recent SPACsConsumer SubscriptionMobility Platform Median: 41.4% Median: 17.2% Median: 19.7% Median: 105.2% Median: 14.7% Median: 51.2% Median: 45.0% Median: 28.8% Median: 11.0% Median: 21.4% Median: 13.0% Median: 18.9% Median: 44.8% Median: 54.3% Median: (4.5%) 2025E EV Players CY2021E CY2024E E B I T D A M a r g i n Y o Y R e v e n u e G r o w t h G r o s s P r o f i t M a r g i n Overall Median 32.8% Overall Median 42.2% Overall Median 14.9% 1 2025E 2025E

 

 

CANOO 63 0.01x 0.21x 0.08x 0.11x 0.68x 0.57x 0.90x 0.32x 0.97x 0.49x 0.32x 0.39x 0.08x 0.04x 0.27x 0.45x 0.16x 0.59x 0.52x 0.19x 0.04x 0.06x 0.02x 0.00x 0.00x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0.79x 8.55x 4.87x 1.55x 21.90x 16.66x 16.24x 14.76x 7.45x 7.29x 5.18x 4.91x 3.13x 1.97x 9.11x 7.88x 6.72x 4.69x 4.57x 4.11x 5.73x 4.15x 1.64x 0.25x 0.24x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3.5x 52.5x NM 14.1x NM NM 38.5x 26.1x 23.8x 46.1x 19.1x 91.6x NM NM NM 37.8x NM 23.2x 10.6x NM 86.8x 19.1x 5.7x 2.4x 1.3x 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 VALUATION BENCHMARKING Source: FactSetand CapIQ. Market data as of August 14, 2020. Note: All metrics reflect CY2021E unless otherwise noted -Hyliion, Lordstown, Nikola, Fisker and Velodyne reflect CY2024E. 1. Mobileye represents CY2018E based on pre-announcement unaffected trading price as of March 10, 2017. Median: 4.87x Median: 11.10x Median: 5.70x Overall Median 5.04x Median: 1.64x Median: 0.11x Median: 0.53x Median: 0.36x Overall Median 0.24x Median: 0.02x Median: 33.3x Median: 32.3x Median: 23.2x Overall Median 23.5x Median: 5.7x Median: 2.55x Median: 0.06x Median: NM E V / R e v e n u e E V / R e v / G r o w t h E V / E B I T D A 2025E 2025E 2025E AutoTech Recent SPACsConsumer SubscriptionMobility PlatformEV Players CY2021E CY2024E 1

 

 

CANOO 64 CANOO VS. RECENT EV OPPORTUNITIES Canoo’s strategic and commercial development achievements compare favorably across the board Employee Headcount ~300 ~49 ~70 Funding Prior to SPAC Transaction ~$480mm($130mm cash available) ~$15mm ~$15mm SPAC Transaction Value ~$1.8bn ~$1.9bn ~$1.0bn Current Implied Enterprise Value - ~$2.5bn 1 ~$1.5bn 1 # of Prototypes 32 beta properties and 13 driving prototypes 1 1 Physical Crash Testing x Over 50 physical crash tests completed  2  2 Core Drive Platform / Skateboard x In-House designed and developed proprietary Canooelectric skateboard  3 Licensed Elaphe hub motor technology Proprietary Mobility Tech x Patented skateboard architecture, drivetrain, battery systems, and suspension(among numerous others)  Battery Pack, and Body and Frame Design Direct Vehicle Competition No comparable market offerings Highly Competitive (Model Y, XC40, E-Tron, EQC, among many others) HighlyCompetitive (F-150, Badger, Cybertruck, R1T, Hummer, and many others) B2B Offerings x Delivery Vehicle (3 configurations) x Contract engineering engagements x Skateboard licensing opportunities n/a Endurance Pickup B2C Offerings x Lifestyle Vehicle x Sport Vehicle FiskerOcean FiskerEMotion n/a Source: Publicly available filings and investor presentations. 1. As of 8/14/2020. 2. Single prototype has been interpreted to mean that no physical crash tests have been completed on a production-intent vehicle. 3. Proxy statement discloses reliance on a third party OEM for a platform to develop and produce a vehicle. Have stated they have not achieved goal of signing a cornerstone agreement with Volkswagen and discussions have been delayed.