Peloton Recalls Pedals, Affecting 27,000 Bikes | Financial Buzz

Peloton Recalls Pedals, Affecting 27,000 Bikes

Peloton (NASDAQ: PTON) issued a recall for one of its clip-in bike pedals after discovering the axle could potentially break and injure users. Within a blog post, the company detailed that the recall will be for the PR70P pedals, for bikes distributed between July 2013 and May 2016, affecting approximately 27,000 bikes.

Following 120 reports of pedal damage and 16 injuries due to the malfunctioning parts, five people required medical attention. Peloton advises customers upgrade their pedals annually, even those with unaffected versions.  

The pedals have the “Peloton” name engraved into the body of the product, an orange Peloton symbol and a white Peloton logo at the top of the cleat binding. 

“There is no greater priority than the safety and well-being of Peloton members,” the company said in a statement to CNBC. “This recall only affects members who still have their out-of-warranty original pedals on the affected bikes sold in the specific time period.”

Throughout the coronavirus pandemic, sales have grown exponentially, as more people work from home. Peloton closed its last quarter with over 1.09 Million active subscribers, a 113% increase compared to the previous year.

The company’s shares rose 4% Thursday, reaching an all-time intraday high of USD137.24. The stock has shot up 380% year to date.