Peloton stock tumbles on report that it is halting production
CNN
Peloton shares sank 20% Thursday after it was reported to have temporarily halted production of its bike and treadmill products because of waning consumer demand.
CNBC reported that Peloton plans to pause production of its $1,495 lower-end bike for two months and it's not making anymore Tread machines for six weeks beginning in February. Production of its Bike+, the higher-end bike that costs $2,495, was halted in December and won't resume until June, according to the report.
Internal documents viewed by CNBC said that the company executives are facing a "significant reduction" of demand for Peloton products because of its high prices and increased competition. Reportedly, there are "thousands of cycles and treadmills sitting in warehouses or on cargo ships, and it needs to reset its inventory levels," the news outlet said.
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