What happened
Generac Holdings (GNRC +2.11%) was a dog of a stock in 2022, but you wouldn't know that from its outperformance on Tuesday. Shares of the power-generating technology specialist climbed nearly 7% today, trouncing the 1.5% gain of the S&P 500. Investors were cheered by a new product announcement.
So what
In a press release, Generac trumpeted a new residential electric vehicle (EV) charging system. This product, the Generac EV charger, is a 11.5-kilowatt power device. According to its maker, the system can fully charge a typical EV's batteries in as little as four to six hours.
The unit's connection is "out-of-the-box compatible," in Generac's words, with almost every EV for sale these days. It is rated for both indoor and outdoor installation.
The new product is a clear response to the ballooning popularity of EVs, particularly with American consumers.
NYSE: GNRC
Key Data Points
Now what
Generac did not provide any sales or profitability estimates for the new home charging system. Regardless, the new product alone likely won't bring a long-term bull stampede into the stock.
That said, addressing the home charger segment is a sensible and potentially quite lucrative move, given that convenience-loving EV owners typically have the budget for such solutions and are more than willing to pay for them.
