Risk Factors Update Summary

• We may rely on intellectual property developed or licensed by third parties, which could impact our competitive position.
• Revenue solely from deployment or sale of NxuOne ™ Charging Stations in 2024.
• The company transitioned from an early-stage to a development-stage company, focusing on battery production and charging network deployment.
• Nasdaq's limit on reverse stock splits could lead to delisting if the 1-for-250 ratio is exceeded.
• Increased focus on climate change may disrupt our business, operations, and sales.
• Intense competition in the electric vehicle market may lead to lower sales and increased inventory.
• Changes in fuel economy standards or alternative fuels may negatively impact the demand for EVs.
• Losses expected to continue into the future, with uncertainties on profitability and revenue generation.
• Delisting could decrease stock trading, affect liquidity, financing, and confidence, impacting investors.
• Licensing proprietary rights to third parties may diminish the value of our proprietary rights.
• Revenue was generated for the first time in 2023, primarily from proprietary battery cell and pack sales.
• Rapid technological changes in the EV charging market may impact our product adoption and financial results.
• Delisting may result in loss of investment, business opportunities, and impact stock price.
• Failure to comply with patent compliance requirements may result in partial or complete loss of patent rights.
• The company ceased electric vehicle battery development to concentrate efforts on the NxuOne ™ Charging Network.
• Need for additional financing for development and operations, with significant funding required over the next 12 months.
• Reliance on complex machinery and potential risks associated with operational performance, safety, and costs.
• Cybersecurity program overview added, detailing risk management, oversight, and assessment processes.
• Uncertainty regarding the ability to generate revenues, potential strategic investments, and limitations on utilizing loss carry forwards.
• Board oversight and management roles in cybersecurity risk management highlighted to mitigate threats.
• Risks associated with inflation, interest rates, and changes in regulations impacting business operations and financial results.
• Risks related to cybersecurity, data breaches, and potential impact on operations and financial results.