Investment News 12-05-2023 05:21 31 Views

Peloton recalls 2.2 million exercise bikes due to safety hazard

Peloton is recalling 2 million exercise bicycles over safety concerns, the second major recall the fitness company has faced.

According to a Thursday release by the Consumer Product Safety Commission, the bikes’ seat post can break during use, posing fall and injury hazards to a user.

Peloton has already received 35 reports of the seat post breaking and detaching from the bike during use, the CPSC said, including 13 reports of injuries that include a fractured wrist, lacerations and bruises.

‘Consumers should immediately stop using the recalled exercise bikes and contact Peloton for a free repair,’ the release said. ‘Peloton is offering consumers a free seat post that can be self-installed.’

This is not the first time Peloton has faced a widespread recall. In May 2021, it was forced to recall 125,000 of its Tread+ treadmills after a child’s death and other problems involving the machines.

Peloton’s stock was down more than 7% following Thursday’s announcement.

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