Woolworths share price leaps amid electric vehicle delivery push

What is Woolworths planning for home delivery?

| More on:
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

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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?

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.

More on Consumer Staples & Discretionary Shares

Young man sitting at a table in front of a row of pokie machines staring intently at a laptop. looking at the Crown Resorts share price
Consumer Staples & Discretionary Shares

Star Entertainment share price tumbles alongside sinking revenues

ASX 200 investors are pressuring the Star Entertainment share price on Friday.

Read more »

Happy couple doing grocery shopping together.
Consumer Staples & Discretionary Shares

Why it's a good day to own Woolworths shares

It could also be a good idea to keep hold of them.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Consumer Staples & Discretionary Shares

Why Goldman Sachs rates Wesfarmers shares as a buy

The leading broker is a big fan of this ASX giant.

Read more »

A woman shows a friend her new spiked heel shoes on a video chat.
Consumer Staples & Discretionary Shares

Guess which ASX 300 stock popped on major shareholder buying the dip

Drama has not put this shareholder off from adding to their position.

Read more »

increasing rural asx share price represented by happy looking sheep
Consumer Staples & Discretionary Shares

Are Elders shares a bargain following Monday's crash?

Has the market created a golden opportunity to buy shares in this 185-year-old business on the cheap?

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Consumer Staples & Discretionary Shares

Ansell shares jump 14% amid blockbuster acquisition

Ansell is making a big acquisition and it could be a big boost to its earnings.

Read more »

a woman smiles widely as she leans on her trolley while making her way down a supermarket grocery aisle while holding her mobile telephone.
Consumer Staples & Discretionary Shares

3 things smart investors know about Coles stock

Did you know these facts about Coles?

Read more »

a woman pushes a man standing in a shopping trolley pointing ahead far off into the distance.
Consumer Staples & Discretionary Shares

Have Woolworths and Coles shares been spared a break-up?

A review has rejected the notion of breaking up the supermarkets...

Read more »