The Independent's journalism is supported by our readers. When you purchase through links on our site, we may earn commission.
Peloton bike price slashed as sales growth stalls as people return to the gym
Sales of at-home equipment losing momentum as gyms reopen and people stop exercising at home
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Peloton has cut the price of its signature bike by hundreds of pounds as sales growth slowed dramatically due to people returning to the gym instead of exercising at home.
The original Peloton Bike machine currently costs £1,350 in the UK), but the company slashed it by 20 per cent to US$1,495 (approximately £1,091).
The change in price applies to all of Peloton’s markets, including the US, UK, Canada, Australia and Germany.
The move marks the second time Peloton has lowered the price of its original Bike, as it cut the cost from around £1,640 to its current price in September last year. The machine is now the cheapest of all of Peloton’s Bike packages, which range from £1,350 to £1,795, while the more expensive Bike+ packages start at £2,295.
In a letter to shareholders, the company wrote: “We know price remains a barrier and are pleased to offer our most popular product at an attractive everyday price point.”
Peloton will also officially launch sales of its treadmill in the US, and resume sales in the UK and Canada following the approval of the machine’s repairs.
The Tread and Tread+ machines were recalled earlier this year following the death of a six-year-old child and more than 70 reports of adult users, children, pets and objects being pulled under the rear of the treadmill and resulting in serious injuries.
According to the company’s letter to shareholders, the Tread machine will be back on sale from 30 August. Peloton also plans to offer the Tread in Germany later this year and in Australia in the near future.
It comes as Peloton reported a wider-than-expected loss in its fourth-quarter results on Thursday, as the momentum of its sales growth slowed amid the easing of lockdown restrictions throughout the world.
Early in the pandemic, the fitness equipment maker saw its sales and stock price soaring as gyms closed and people turned to at-home fitness equipment to exercise.
But the company is now searching for other ways to keep its revenue growing and secure new customers. It plans to expand to new markets and is set to build its first US factory in Ohio in order to “diversify our manufacturing footprint”.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments