Once a pandemic darling, Peloton has seen its fortunes plummet following easing COVID-19 restrictions and soaring costs.
Exercise equipment maker Peloton Interactive said on Tuesday, July 12, it will cease all in-house production of its bikes and treadmills and move manufacturing to partners in an effort to simplify its operations and reduce costs.
Peloton did not immediately respond to a request for comment. The company will also be suspending operations at the facility through the remainder of 2022, it said in a statement earlier on Tuesday. The company, under new chief executive Barry McCarthy, has moved to cut costs and shore up capital this year after demand for its popular home equipment dropped as people went back to working out at gyms.
McCarthy, a former Netflix executive, has now moved to broaden Peloton’s alliance with Taiwan-based Rexon Industrial Corporation, which will now become the primary manufacturer of the hardware for Peloton’s product lines.
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