Peloton shares tumble 19 per cent after it temporarily stops bike and treadmill production

Peloton is set to temporarily stop producing its bikes and treadmills amid collapsing demand, according to reports.

The maker of connected fitness products took the decision to stem costs and limit losses caused by the company overstating the number of consumers it expects to buy its products.

The news was first reported by CNBC.

Production will be halted in February and March, internal documents revealed.

Peloton will cease manufacturing its Tread treadmill for six weeks, starting next month. The firm is also not forecasting producing any Tread+ machines for the whole of its 2022 financial year.

The fitness company has stopped production of its products previously.

The announcement sent Peloton’s shares in Wall Street tumbling as much as 19 per cent.