Noble Energy stock, the stock for electric cars, has been the darling of the energy industry, with investors buying up the stock over the last few months.
But now the company has announced a change of plans.
Instead of using Noble’s stock to fund their electric cars program, the company is going to sell its shares.
The announcement was made at the company’s annual shareholders meeting on Thursday.
“This year, Noble Energy will make a significant sale of its outstanding shares of electric vehicle-related companies, including electric vehicles and batteries,” the company said in a statement.
“The company will purchase these companies for $1.1 billion to $1,2 billion and, ultimately, the proceeds will be used to build, operate, and expand electric vehicles.”
The company also said that it would create a new entity, the New Noble Energy, to oversee and operate the new company.
In an interview with The Hill, Noble President and CEO Paul Smith said, “We are going to start the company off with our stock as our primary asset, but also with our debt, which will be our debt,” and that they would be using the proceeds to grow the company.
“It will be very attractive to investors.”
However, the change in plan is not all good news for electric car buyers.
According to The Hill:The company is taking on debt of $1 billion.
While this is a great deal for electric vehicle owners, it could lead to a lot of bad news for the company in the future.
As electric vehicle buyers are getting more and more reliant on the companies infrastructure, that infrastructure could come under increasing pressure.
While Noble Energy may not be able to get the stock to cover the debt, it may still have an impact on electric car sales in the near future.
The company’s stock price is currently trading at $3.65, up 0.6 percent from the same time last year.