Peloton to launch cheaper treadmill with new safety features following recalls
Peloton issued a voluntary recall for its Tread and Tread+ products in May amid safety concerns
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BMO Capital Markets managing director Simeon Siegel discusses the impact of Peloton's treadmill recall.
Peloton is gearing up to launch a more affordable version of its treadmill with new safety features months after recalling its Tread and Tread+ models due to injuries and one child death.
The less expensive Tread machine will go on sale on Monday in the U.S., Canada and U.K. priced at $2,495, the company announced Tuesday. The launch follows Peloton voluntarily issuing a recall amid safety concerns with children being pulled under the exercises machines.
Peloton will launch its cheaper treadmill product with new safety features after recalling the Tread and Tread+ in May due to injuries. (Peloton).
The redesigned Tread product will feature a Tread Lock with a four-digit passcode each user will need to enter that unlocks the belt before a workout. It will also include a removable safety key that helps a user stop quickly during a class if needed. The machine also features incline and speed knobs on the side of the machine so runners can access them more easily.
The machine's touch screen will also tilt up and down 50 degrees, allowing users to move from a run to a floor workout.
PELOTON BEGINS REPAIRS ON RECALLED TREADMILLS
"We've worked hard to make sure the new Tread truly earns its spot in Members' homes. We'll always continue to innovate our hardware, software and safety features to live up to our commitment to Member safety and to improving the full Member experience," John Foley, Peloton's CEO and co-founder, said in a statement.
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The company warned consumers to stop using its Tread and Tread+ machines in May and contact Peloton for a refund after the Consumer Product Safety Commission recommended people discontinue use. Around 125,000 treadmills were included in the recall.