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Peloton delays May launch of its less expensive treadmill in the U.S. to add safety features

Peloton delays May launch of its less expensive treadmill in the U.S. to add safety features

FINANCIAL NEWS

Peloton delays May launch of its less expensive treadmill in the U.S. to add safety features

Peloton introduces a treadmill to their product line.Emily Gaffney | CNBCPeloton said Thursday it will delay the launch of its Tread machine in the United States, until new safety features are added.The new, less expensive treadmill was set to go on sale May 27. It had already been available in Canada and the U.K.Peloton will be working with the U.S. Consumer Product Safety Commission to get its treadmills back on the market, said CEO John Foley during an earnings call.The CPSC must approve new enhancements to its treadmills that will make the equipment safer before it can be sold again, Foley said. He added that he anticipates the Tread to go on sale again “much sooner” than the Tread+.”This process typically takes six to eight weeks. It could take longer. So we can’t offer an on-sale or revised launch date at this time,” Foley explained.On Wednesday, Peloton voluntarily recalled all of its treadmills over safety concerns. It apologized for not acting more quickly to resolve the issue after reports of one death and dozens of injuries.Peloton’s Tread+ machine has an unusual belt design that uses individual rigid rubberized slats or treads that are interlocked and ride on a rail. Many other treadmills on the market have a thinner, continuous belt. There is also a large gap between the floor and the belt of the Tread+, which leaves a space beneath it that can pose a risk.In April, the CPSC released a graphic video that showed a young boy being pulled under one of the Tread+ machines and struggling to free himself. It was captured on a home security camera.With the Tread, some users have reported their screens coming unscrewed and falling off.Peloton originally opposed a recall, saying customers should use its machines when children and pets are not present, and lock the machines when not in use. The company has since apologized for not acting more quickly.The recall affects about 125,000 Tread+ machines and roughly 1,050 Tread products in the U.S.Peloton shares were up more than 5% in after-hours trading.


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