Peloton reportedly has a new, cheaper treadmill in the works

Editor's note, May 5, 2021: Peloton has issued a voluntary recall of its Tread Plus treadmill (formerly called the Tread) because of a potentially fatal risk to children and pets. At this time, you cannot purchase the new Tread or older Tread Plus from Peloton. See the full details of the recall.

A cheaper Peloton treadmill is reportedly in the works, and it will potentially cost less than $3,000.

According to Bloomberg, the home exercise company is working on a new version of its Tread treadmill that will have a smaller and cheaper belt design. Aiming to be priced below $3,000, the new Tread will be markedly cheaper than Peloton's existing treadmill, which runs $4,295 for the machine. (International prices aren't available but that's about £3,250 or AU$5,910.) The current model, the report claims, will be renamed "Tread Plus" and remain in the lineup as the company's premium treadmill.   

Bloomberg also reports that the company is planning to add a new higher-end stationary bike , called "Bike Plus," which will "likely cost more than the current $2,245 version." The report goes on to add that when the Bike Plus is added the current model will drop to "less than $1,900."

Both new products could feature adjustable tablet displays to allow people to do additional workouts near the machines and not solely when they are on them. Bloomberg says the new devices could be announced "as early as next week," ahead of the company's quarterly earnings, which are set to be released on Sept. 10. 

As gyms remain closed in many parts of the country due to the coronavirus pandemic, home exercise equipment has seen a surge in interest. In May the company reported that sales topped $500 million for its fiscal third quarter. 

Peloton did not immediately respond to a request for comment.