Peloton is no longer manufacturing its equipment

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Peloton has announced that it is no longer going to make its bicycles and treadmills. The company's bikes and workout subscriptions absolutely exploded in 2020 thanks to COVID. Gyms were closed, people were stuck at home, and suddenly everyone was buying Peloton bikes, ordering the subscriptions, and even buying Peloton workout gear. Now that things here in the US are pretty much back to normal, people have returned to their gyms. Some people (like my sister and brother-in-law) have continued to use their Pelotons as well as returning to the gym. Others have sold their bikes/treadmills and have returned exclusively to the gym. Many people who were planning to buy the equipment have since decided against it. The company has too much inventory so they are closing the factories it has in the US. It also has cancelled plans to build a $400 million new manufacturing facility. New inventory will be built by a Taiwanese company. Peloton's stock is down 95% from what it was at its highest price in 2020. My sister and her husband love their Peloton bike and treadmill. They definitely won't be getting rid if any time soon. l feel badly for those who bought a ton of PTON stock.