Peloton halts production of fitness bikes, cites 'significant' loss of demand

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recently blamed Apple, tried dropping the price, say that

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Fitness firm Peloton is reported to be temporarily halting production of its bikes and treadmills, citing continued decline in sales since after demand from people working at home peaked.

Peloton benefited from the coronavirus with booming sales for its home fitness equipment, but recently blamed Apple for the subsequent downturn. Saying that Apple’s App Tracking Transparency privacy hurt sales, Peloton tried dropping the price of its original bike.

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Now internal documents seen by CNBC say that a “significant reduction” in worldwide demand means the company will temporarily halt production. The company plans to halt production of its main Bike product from February 2022 to March 2022, and has already halted making the more costly Bike+.

That model was reportedly halted in December 2021, and is not expected to resume production until June. Peloton is also pausing production of its Tread treadmill machine for six weeks, starting in February 2022.

Global Tech News Daily

Peloton’s move comes ahead of its required financial earnings report on February 8. The company is expected to say that the halting of production is to control costs.

This story is breaking, update for the most recent information

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