Peloton Interactive Inc. (PTON) lowered the price of its original exercise bike Tuesday while introducing an even more premium option and rolling out a new lower-priced treadmill. Shares are up 10% in Tuesday's session. The company said it would be reducing the price of its Peloton Bike to $1,895 beginning on Sept. 9, down from a prior price of $2,245. Peloton's new Bike+ will cost $2,495 and will feature a rotating tablet screen that will more easily allow people to engage in Peloton's bike workouts and floor-based workouts. The bike also will be able to sync up with a user's Apple Watch to allow for consistency between metrics. Those with the original Peloton Bike can trade in their older model and receive a $700 credit toward the Bike+ and a yoga and accessories package. Peloton also announced that it will offer a cheaper treadmill beginning in early 2021 that will be priced at $2,495. Peloton's existing treadmill, which will be renamed the Tread+, sells for $4,295. Peloton shares have climbed 98% over the past three months as the S&P 500 has risen 4%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 08, 2020 11:27 ET (15:27 GMT)
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