{"id":7650,"date":"2023-05-12T03:48:05","date_gmt":"2023-05-12T07:48:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/peloton-recalls-2-2-million-exercise-bikes-over-seat-issue\/"},"modified":"2023-05-12T03:48:05","modified_gmt":"2023-05-12T07:48:05","slug":"peloton-recalls-2-2-million-exercise-bikes-over-seat-issue","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7650","title":{"rendered":"Peloton recalls 2.2 million exercise bikes over seat issue"},"content":{"rendered":"
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\u00a9 Reuters. A Peloton sign is pictured outside a store in the Manhattan borough of New York City, U.S., January 25, 2022. REUTERS\/Carlo Allegri<\/span>
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(Reuters) -Peloton Interactive Inc will recall 2.2 million exercise bikes due to the risk of injuries from a seat-related issue, the company said on Thursday, sending its shares down 7%.<\/p>\n

The voluntary recall piles on more pressure on Peloton (NASDAQ:) as it works to tackle waning demand for its fitness equipment amid an uncertain economy.<\/p>\n

“We have identified 35 reports of seat posts breaking out of 2,160,000 units sold in the United States, as of April 30,” Peloton said in a statement, after disclosing the defect earlier this month.<\/p>\n

During the January to March quarter, Peloton said it had accrued $8.4\u00a0million as an estimated expense related to “voluntary corrective action plan” involving the defect.<\/p>\n

The U.S. Consumer Product Safety Commission, in a separate statement on Thursday, said consumers should immediately stop using the recalled exercise bikes and contact Peloton for a free repair.<\/p>\n

This recall involves Peloton Bikes with model number PL01 sold from January 2018 to May 2023 in the United States and is one of the company’s flagship products.<\/p>\n

The seat post can break unexpectedly during use, creating a potential fall and injury risk, Peloton said. There is no impact to Peloton Bike+ Members nor Peloton original Bike owners in the UK, Germany, and Australia, it added.<\/p>\n

“We’ve noted Peloton temporarily stopped selling Bike the past few days (Bike+ still available). Clearly negative, but we believe this headline may appear scarier than the actual announcement,” BMO Capital Markets analyst Simeon Siegel said in a note. <\/p>\n

The Bike and Bike+ products contribute to a “significant majority” of Peloton’s sales, as per its latest annual filing.<\/p>\n

The latest recall comes after the virtual workout company had agreed to pay a $19 million fine earlier this year for failing to promptly report a defect with its Tread+ treadmill that could cause serious injury.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A Peloton sign is pictured outside a store in the Manhattan borough of New York City, U.S., January 25, 2022. REUTERS\/Carlo Allegri (Reuters) -Peloton Interactive Inc will recall 2.2 million exercise bikes due to the risk of injuries from a seat-related issue, the company said on Thursday, sending its shares down 7%. The […]<\/p>\n","protected":false},"author":1,"featured_media":7651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-7650","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPeloton recalls 2.2 million exercise bikes over seat issue | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. A Peloton sign is pictured outside a store in the Manhattan borough of New York City, U.S., January 25, 2022. 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