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Woolworths share price leaps amid electric vehicle delivery push

What is Woolworths planning for home delivery?

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • The Woolworths share price is up 1% today 
  • All Woolworths delivery trucks will be electric vehicles (EV) by 2030, under a new plan 
  • The Consumer Staples Index is also in the green today 

The Woolworths Group Ltd (ASX: WOW) share price is rising today amid news of a new home delivery fleet powered by electric vehicles (EV).

Woolworths shares are up 1.04% and are currently fetching $37.93. For perspective, the S&P/ASX 200 (ASX: XJO) is climbing 0.37% today.

So why is Woolworths hitting media headlines today?

a grocery delivery worker stands at a front door with a large box of products while an older woman holds the door open to him.

Image source: Getty Images

New EV delivery fleet

Woolworths is not the only supermarket giant in the green today. The Coles Group Ltd (ASX: COL) share price is also rising 0.45%. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) meanwhile is lifting 0.55%.

Woolworths today announced all of its home delivery fleets will be EVs by the year 2030.

This will lead to 1,000 more EVs on Australian roads, Woolworths said.

To kick start the plan, 27 new EVs will start delivering groceries to Woolworths customers in Sydney within the next couple of months.

Commenting on the news in a media release, Woolworths CEO Brad Banducci said:

We're proud to be putting 27 new EVs on the road in the coming weeks – in one of the many ways we're working to make grocery shopping greener.

Not only can we help make our suburban streets quieter and cleaner, but we hope to set an example for other businesses to support the growth of Australia's EV industry.

Woolworths reported an 8% lift in group sales in the 13 weeks ended 2 April, up 18% on the third quarter of FY22.

Woolworths share price snapshot

The Woolworths share price has jumped nearly 8% in the last year.

This ASX consumer share has a market capitalisation of about $46 billion based on the latest share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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