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.