Presentation Q3 2021

Q3 2021 Earnings Call

November 9, 2021

Today's Presenters

Rick Dauch

CEO

• 26 years automotive industry experience
• 12 years serving in CEO roles
• Multiple Public/Private Board memberships

Greg Ackerson	Tony Furey
Interim CFO	Vice President, Finance
▪ 20 years public company	▪ 25 years experience in
financial leadership experience	Corporate Finance
▪ Certified Public Accountant	▪ Investment Banker
▪ Chief Accounting Officer since	▪ Extensive M&A experience
2019

Agenda

• Introduction
• 3rd Quarter Financials
• CEO Update
• Q&A

Disclaimer

Cautionary Note Regarding Forward Looking Statements

This presentation contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipate", "expect", "plan", "believe", "seek", "estimate," or the negative of such terms, or other similar expressions. These are statements that relate to future periods and include, but are not limited to, statements about the features, benefits and performance of our products, our ability to introduce new product offerings and increase revenue from existing products, expected expenses including those related to selling and marketing, product development and general and administrative, our beliefs regarding the health and growth of the market for our products, anticipated increase in our customer base, expansion of our products functionalities, expected revenue levels and sources of revenue, expected impact, if any, of legal proceedings, the adequacy of liquidity and capital resource, and expected growth in business. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially include, but are not limited to: our ability to successfully complete the additional testing and implement required modifications to vehicles to achieve compliance with FMVSS with respect to the C-1000s; the results of our ongoing review of the Company's business and go-forward operating and commercial plans; our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; negative impacts stemming from the continuing COVID-19 pandemic; market acceptance for our products; our ability to attract and retain customers for existing and new products; our ability to control our expenses; potential competition, including without limitation shifts in technology; global and local business conditions; the prices being charged by our competitors; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to satisfy covenants in our financing agreements; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our inability to satisfy our customer warranty claims; the outcome of any regulatory proceedings; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such

statement is based, except as required by law.

Financial Summary

Third Quarter Financial Results

Sales, net of returns and allowances - $(0.6) million vs. $0.6 million

• $1.2 million decrease due to customer refunds related to the recall of our C-1000 vehicles

Cost of sales - $11.5 million vs. $2.8 million

• Write-downof inventory on-hand that has a cost higher than its net realizable value
• Manufacturing and consulting costs related to production of the C-1000 vehicles
• Compensation-relatedcosts due to an increase in salary headcount
• Warranty reserves related to the recall of our C-1000 vehicles

Selling, general and administrative expenses - $10.6 million vs. $6.0 million

• Increase in employee costs due to increased headcount, severance pay, and stock-based compensation
• Increase in legal, professional fees and insurance costs (USPS lawsuit, NHTSA filing, Debt Conversion)