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As per the latest reports, Peloton has announced that it has good news for its customers and regular buyers. The bike manufacturing company has announced that it is lowering the price of its Bike machines. The reports suggest that Peloton has reduced the price of the bikes by around 20%. After the 20% price reduction, the new price for the Bike machines is now around $1,495.
The company has announced that the prices for the Bike machines would be reduced from Thursday, September 2, 2021. Bike machine is currently one of the less expensive bikes that Peloton has launched in the market for its budgeted customers.
This is not the first time Peloton has made the move of reducing the prices of its bikes. This is reportedly the third time Peloton has done it and hence, the prices for the bikes have come really low.
It was back in September of 2020 when Peloton had launched its new Bike+ machine into the market. When the bike was launched, its price was set to $2,495. However, the company soon cut the price down to $2,245 and then down to $1,895.
The company has announced that the price reduction is going to be in all major countries where it is carrying out its distribution. The countries that will have the prices for the bikes reduced include Australia, Germany, Canada, and the United Kingdom.
This information has been shared by Peloton through its website as well as through the blogposts.
Just recently, Peloton had carried out a recall of its treadmill machine, the Tread. The company revealed that the reason behind the recall was redesigning of the treadmill. The company has also announced that it is set to launch the cheaper version of the Tread starting from next week.
Peloton has announced that it is not only offering customers to buy the bikes in one go but also offering them to do it through a financing plan. The company has revealed that so far, the machines it is offering financing plans for include Tread and Bike+.
The company has announced that it is their strategy to make sure that a wider range of customers is able to acquire the bikes. This way, they would be able to pay for the machines on a monthly or weekly basis until the amount has been paid in full.
At present, Peloton is trying hard to recover from the loss it has experienced in terms of its share prices in recent months. In the fiscal fourth quarter, Peloton reported that it recorded a loss higher than the estimated figures. The company reported that the sales for its bikes and machines slowed down at a very high rate.
From the beginning of the year 2021 until September 1, 2021, the share prices for Peloton have plunged by 24%. The company is now trying to change its strategy and handle the situation.
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