Peloton releases software fix after treadmill recall
CNN – Peloton is rising from the ashes after a massive recall of its Tread and Tread+ treadmills.
The company released a software fix called “Tread Lock,” a feature that requires a four digit code before using the treadmill and locks the machine after 45 seconds of inactivity outside of a class.
Peloton states on the feature’s support page that users will “be required to set up Tread Lock” following an automatic software upgrade.
Both of Peloton’s treadmills, the $4,295 Tread+ and the $2,495 Tread, will have the new software. The cheaper machine wasn’t yet released in the United States.
Peloton recalled 125,000 treadmills earlier this month after a child’s death and 70 other injuries were tied to the machine. The company initially declined the Consumer Product Safety Commission’s request to issue a recall, claiming the machines were safe when used according to safety guidelines.
Since the recall is voluntary, some members are keeping theirs. Peloton announced this software update during its May 6 earnings call and said it was working on a hardware fix. In the meantime, both the Tread+ and the Tread are no longer on sale and deliveries for older orders have been halted, CNN reported.
Peloton has lost about $165 million in revenue during the current quarter due to the recall. The company said $50 million in lost revenue would come from refunds to owners of the treadmill who want to return them, roughly 10% of the units that are already in the hands of customers.
The company is even paying to have someone move the treadmills from one room of an owner’s house to another if they would prefer that option instead of having it returned to the company.
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