Peloton to slash price of exercise bikes as competition grows
Peloton announced it will be slashing the price of its exercise bikes again, coming as the company faces fiercer competition from rivals producing cheaper products and people return to gyms. The core bike will be reduced by roughly 20% from $1895 to $1,495. The bike+ will still sell for just under $2,500. Peloton Chief Executive Office John Foley says the price cuts and introduction of cheaper machines are aimed at attracting new members and making the company's products more accessible and attainable.
A new chief executive officer is all it took for Lordstown Motors stock to shoot upward. Shares rose nearly 18% Thursday after the company announced that former Icahn Enterprises CEO Daniel Ninivaggi will take over as CEO of Lordstown. He will replace Steve Burns, who resigned in early July, along with Chief Financial Officer Julie Rodriguez. Their exit came after an internal investigation into claims made by short-seller Hindenburg Research. The company still faces scrutiny from federal prosecutors over issues related to its SPAC merger and statements it previously made about pre-orders of its vehicles.
Robotics company Nuro is investing $40 million into a factory and a closed course test-track for its driverless delivery vehicles. The SoftBank-backed start-up aims to create zero-occupant robotic electric delivery vehicles. While the cars themselves look like something out of your kitchen on wheels, they are meant to travel through the streets and drop off whatever may have been ordered. Eventually, Nuro vehicles will be used by stores such as Walmart as a delivery option.