Peloton Recalls Over 2 Million Bikes In The US, Offers Free Part Replacement
Peloton (NASDAQ: PTON) has issued a voluntary recall for 2.16 million bikes in the US due to the risk of injury after a number of reports of the seat post breaking “unexpectedly” while in use.
The US Consumer Product Safety Commission (CPSC), which on Thursday advised Peloton Bike owners to immediately stop using their bikes, said that there have been 35 reports of the seat post breaking and detaching from the bike while in use, and 13 reports of injuries — including a wrist fracture, lacerations, and bruises — from falling from the bike.
The recall applies to Peloton Bikes Model PL01 that were sold in the US from January 2018 to May 2023. The unit price for each bike is around $1,400. The company said that the recall does not cover bikes sold in other countries, including Canada, the U.K., Germany, and Australia, but they call on international users to keep themselves informed of the US issue.
The company is also offering a free, updated seat post to all US Peloton original Bike owners. The new seat post can be self-installed at home.
Peloton last traded at $6.85 on the Nasdaq.
Information for this story was found via Peloton, CPSC, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
