Peloton Takes Advantage of Closed Gyms

With many Americans either unable or unwilling to go to gyms during the pandemic, Peloton is planning to roll out some new products. Sources tell Bloomberg that the company is planning to introduce a new, cheaper version of its Tread treadmill. The new version, which will be smaller and will cost less than $3,000, will get the Tread name, while the existing treadmill will be renamed the Tread+ and will be marketed as a high-end offering, the insiders say. The company's Bike exercise bike, meanwhile, will drop in price from $2,245 to below $1,900 after the company unveils a premium Bike+, according to Bloomberg's sources.

Insiders say that the new Peloton models will feature a more adjustable tablet screen, which will allow users to do different Peloton workouts, that don't require the use of the company's equipment, nearby. The sources say the company is working to expand its range of workout videos. Peloton stock has soared more than 178% this year amid increased demand for its products, though the Verge notes that the company has struggled to keep up with demand and some customers have complained about canceled orders. (More Peloton stories.)