Peloton Pauses Production, Price Plunges
Bulging inventories of unsold bikes and treadmills and declining demand around the world led the former connected fitness high flyer to pause production of all models, CNBC reported, referencing a leaked internal presentation. PTON has already halted producing its Bike+ until June, and does not plan to make any Tread+ treadmills at all in 2022. Now it will suspend production of its entry-level Bike for two months, and production of its lower-end Tread for six weeks, according to the report. PTON shares tumbled 25% on the news, following a trading halt, and are now below the $29 IPO price for ... Log in to view full article.