Peloton Slips After Echelon Reveals $499 ‘Prime Bike’ With Amazon

September 22, 2020 By [email protected]_84 Off

Peloton Interactive  (PTON) – Get Report shares traded lower after rival exercise bike maker Echelon struck a deal with e-commerce giant  (AMZN) – Get Report to produce and sell a competing tech-enabled bike at a fraction of the cost.

Shares of Peloton were down 3.23% at $91.74 in trading on Tuesday after Echelon and Amazon announced the launch of their own exercise bike and accompanying interactive online workout service called Prime Bike.

Touted as Amazon’s first-ever connected fitness product, the Prime Bike will give customers access to hundreds of live and on-demand classes, Echelon said in a statement. It will retail for $499.

Peloton has been on a tear over the past six months as fitness buffs have turned to the internet-connected workout-at-home machines and the company’s online interactive fitness classes as the coronavirus pandemic has kept many gyms closed.

Source Article