Source: Scott Olson / Getty / Peloton
For the second time in two years, popular fitness company Peloton is doing a massive recall on its exercise equipment.
Spotted on NPR, Peloton is recalling 2.2 million of its exercise bike due to a significant safety hazard with the machines. The bikes involved in the recall retail for a whopping $1,400, have the model number PL01 and were sold in the United States from January 2018 to this month.
According to the website, Peloton received 35 reports of the bike’s seat post breaking during use, which will ruin your morning exercise ride.
The U.S. Consumer Product Safety Commission got 13 reports of users suffering a broken wrist, lacerations, and bruises after falling off their Peloton bikes.
Peloton is urging customers to stop using the bikes immediately and contact the company to initiate the process for a free repair. The company will send users a free seat post that they can install themselves.
This is the second bad look for Peloton, who had to drop a $19 million bag earlier this year to pay a fine for failing to promptly notify regulators about a known defect in its Tread+ exercise machines in May 2021. The company also kept selling those treadmills despite receiving 150 reports of incidents involving people, pets, or other objects.
Peloton’s Stock Takes A Hit
Following the recall news, Peloton’s stock also took a nose dive, according to Yahoo! Finance.
Per Yahoo! Finance:
Peloton (PTON) stock hit an all-time low on Friday morning, a day after the company recalled more than 2 million bikes for repairs.
Shares slipped nearly 2% in early trading after falling more than 7% on the news Thursday.
Thursday’s recall will likely be different for the stock than the treadmill recall, according to BMO Capital Markets equity analyst Simeon Siegel. While shares declined on the initial news, the actual expense to the company is expected to be materially different.
In the case of the treadmill, Peloton fully refunded customers. With Thursday’s bike recall, the company will only be shipping out new bike seats, which Siegel notes is “apples and oranges versus memories of the last recall.”
Be careful on your Peloton bikes.
Photo: Scott Olson / Getty
