New York (CNN Business)Peloton’s lower-priced and smaller treadmill is finally going on sale.
The release of the Peloton Tread was originally scheduled for May, but was paused amid safety concerns for the company’s higher-end treadmill that prompted a massive recall for both machines. Now, the $2,495 machine is being released on August 30 in the United States, Canada and the United Kingdom. Peloton said in a press release that the Tread has the “latest in software and hardware safety features” including a four-digit passcode that owners need to enter before a workout that unlocks the belt. Also included is a safety key that helps the user stop a workout session if needed.
The Tread goes on sale August 30.”Our goal is to be the go-to fitness solution and the largest and safest home fitness brand in the world,” said Peloton CEO John Foley in a statement announcing the Tread’s release.
About 1,000 Tread machines were sold as part of a pre-launch promotion and the company is working with existing owners to have them fixed. Peloton said on its website owners can schedule in-home appointments to have the touchscreen fix so it remains secure. Read MoreThe repair was approved by Consumer Product Safety Commission and owners can use them once again following the fix. Peloton said the repair is already included on Treads going on sale next week.
Peloton is still working on a fix for the Tread+, which was recalled in May following a child’s death and 70 other injuries. Sales of the machine remain paused. Peloton (PTON) is taking a substantial financial hit from the recall: about $165 million in lost revenue during the current quarter. The company releases its fourth-quarter earnings on Thursday.
Source: edition.cnn.com