Peloton is planning to launch a cheaper treadmill and slash the price of its existing bike, Bloomberg reports. The new treadmill will cost less than $3,000, which is a significant drop from the current $4,295 model. Peloton will reportedly offer its existing $2,245 bike for less than $1,900.
These changes come as people are stuck at home and gyms in most places are closed due to the pandemic. Peloton is looking to make its gear and services more attractive, which means lowering the somewhat outrageous prices.
According to Bloomberg, the new treadmill, called Tread, will use a belt design similar to other treadmills on the market. Peloton’s existing treadmill, which has a slat design, will be renamed Tread+. The company will also release a new premium stationary bike called Bike+, which will likely cost more than Peloton’s existing bike at its current price. The company is bringing a more adjustable tablet screen to its new products, Tread and Bike+. That should allow users to do more workouts near their machine, not just on it.
Since the pandemic began, the Peloton home fitness app has landed on more streaming devices, including Android TV, Apple TV and Roku, and instructors have been live streaming classes from their homes. While the company continues to face increased competition, Bloomberg says Peloton’s stock has risen 190 percent this year.