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Peloton is aiming for a grand comeback ahead of the holidays.
The company has been struggling after its meteoric rise during the pandemic.
Its latest release? A $6,695 treadmill equipped with AI, along with a suite of other AI-enabled exercise equipment.
Peloton is overhauling the entire Cross Training Series with new personalization features and a movement tracking camera that provides feedback, all powered by AI.
On Wednesday, the fitness equipment company launched five new releases, including refreshed versions of its bike and treadmill, and a brand-new rowing machine. The higher-end Bike+, Tread+, and Row+ will now come with Peloton IQ, an AI-powered coaching system that gives real-time feedback on form, counts reps, and suggests weight adjustments and training plans to mimic a personal trainer.
The upgrade also features an “advanced” swiveling screen designed to smooth the switch from a bike session to off-bike classes like yoga and strength training, along with speedier WiFi.
With the new offers comes a price hike. The price of the original Bike has jumped $150 to $1,695, and the Bike+ now costs $2,695, up $200. The base treadmill is now $300 more, at $3,295, and the Tread+ has increased by $700 to $6,695. Monthly membership fees are also increasing by $5 to $49.99 for the first time in three years.
“Considering the incredible breadth of our content (over 50,000 classes) and continuous innovation, Peloton continues to offer unparalleled value when compared to most gym memberships, boutique fitness classes, or personal trainers,” a Peloton spokesperson told Business Insider.
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“Peloton firmly believes that AI is a powerful tool that will enhance, not replace, its world-class instructors,” the spokesperson added.
Peloton’s big bet on AI would be the first major product change under CEO Peter Stern, a former Apple and Ford executive, tasked with reviving the struggling fitness company. Stern, who took over in January, also announced a 6% layoff of the company’s workforce in August.
Since 2020, Peloton has cycled through four Chief Marketing Officers and paid a $19 million fine to the Consumer Product Safety Commission following a recall of 125,000 unsafe treadmills.
Since Peloton’s stock peaked in January 2021, its shares have plunged more than 90%. It is difficult to say that the new product launch has rallied investor optimism.
Shares jumped in premarket trading on news of the product launch, but fell back down throughout the day. As of market closing time on Wednesday, the Peloton stock fell by 3.67% compared to the day before.
Peloton did not immediately respond to a request for comments.
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