Peloton plans on cheaper new options as coronavirus keeps gyms closed
Enjoying a boom with so many gyms closed, Peloton "is preparing to launch a cheaper treadmill and a new high-end bike," Bloomberg reports.
The state of play: The new treadmill will be called 'Tread" and will cost less than $3,000, compared to $4,295 for the current model. It will be smaller and have a cheaper belt design. Peloton is also releasing Bike+, a premium stationary bike that will cost more than the current $2,245 version, which will have a price drop to $1,900.
Yes, but: The pandemic has impacted the company's ability to manufacture its new products and forced it to pause deliveries across most of the U.S.
- Peloton CEO John Foley said the coronavirus has forced the company to rethink how it launches products and releasing a cheaper treadmill is a priority.