On Thursday the U.S. Consumer Product Safety Commission said it is recalling 2.2 million of Peloton bikes. The recall was initiated over injury and fall concerns about the product.
As soon as the announcement was made, the company’s shares dropped more than 6%.
The product is being recalled because according to an internal memo released by the company, there have been 12 reported injuries, including one wrist fracture. Model Number PL01 bike seats can detach and break quite easily during use. The company has received 35 reports of unexpected seat breakages between January 2018 and May this year. In that time period, 2 million units of the bike were sold in the U.S.
Bike owners in the United Kingdom, Germany, or Australia, are not facing any similar problems, the company said and hence, the recall was not initiated in these countries.
“Our commitment to Member safety is unwavering,” Peloton said in a statement. “For Peloton, it was important to proactively engage the CPSC to address this issue and to work swiftly and cooperatively to identify a remedy.”
The company has pledged to provide free, updated seat posts to anyone using the recalled model. Peloton has disclosed a number of product recalls in recent years. The latest is an addition to the growing number of issues with Peloton’s hardware.
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How to get refund?
Peloton has not explicitly mentioned how to claim a refund for your Peloton bike. When (CPSC) recalled the troubled Peloton Tread Plus model in May 2021, after reports of several injuries and a child’s death, owners were given until November 6th, 2022, to get a full refund. However, after that, Peloton and the CPSC announced that they’re extending the refund period for another year.
“Consumers should immediately stop using the recalled Tread Plus treadmills,” the CPSC said in a statement. At the time, Peloton had received 335 incident reports. 125,000 Tread Plus units were recalled in total.
Customers were informed that they can opt for a full refund if they no longer wanted to continue using the product. However, people who prefer to keep the treadmill were given the option of having the machine moved to a different room for free. Tread Plus machines which were returned after the extended period would be liable for a partial refund.
