Peloton Interactive is temporarily halting production of its connected fitness products as consumer demand wanes and the company looks to control costs, Lauren Thomas of CNBC reports, citing internal documents obtained by CNBC. Peloton plans to pause Bike production for two months, from February to March, the documents show. The company already halted production of its Bike+ in December and will do so until June, Thomas adds. Peloton also won’t manufacture its Tread treadmill machine for six weeks, beginning next month, and does not anticipate producing any Tread+ machines in fiscal 2022, according to the documents. Peloton, in a confidential presentation dated January 10, said demand for its connected fitness equipment has faced a “significant reduction” around the world due to shoppers’ price sensitivity and amplified competitor activity, according to Lauren. Shares of Peloton are down 11% to $28.34 following the report.
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