What happened
Generac Holdings (GNRC 1.22%) 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.
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.
