A seat-related issue in their popular flagship bike has caused Peloton Interactive to recall 2.2 million of their exercise bikes.
Although it’s a voluntary recall, the decision has led to the United States-based company’s shares dropping by 7%.
In a statement, Peloton identified the problem as the seat posts breaking.
“We have identified 35 reports of seat posts breaking out of 2,160,000 units sold in the United States, as of 30 April.”
The decision has meant $8.4 million worth of expenses, something the company didn’t budget for and an amount that would surely hurt its bottom line.
The specific bike in question is the model number PL01 that’s been sold between January 2018 and May 2023. The bikes were only sold in the United States.
Peloton said that the seat post can break unexpectedly during use, creating a potential fall and injury risk. This isolated incident only affects the United States and not countries like the United Kingdom, Germany and Australia.
This isn’t the first time that the virtual workout company has received complaints that its exercise equipment is faulty.
Earlier this year, Peloton had to pay a $19 million fine because it failed to promptly report a defect with one of its treadmills. The defect could lead to serious injury.
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