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Peloton, known for bikes and treadmills, adds new type of machine

Peloton has been making major changes after sales plummeted post-lockdown.
Credit: AP
FILE - A Peloton logo is seen on the company's stationary bicycle on Nov. 19, 2019, in San Francisco. (AP Photo/Jeff Chiu, File)

NEW YORK — Is your stationary bike lonely? Peloton is making it a friend, but it'll cost you.

The high-end exercise equipment company announced Tuesday that it is adding a rowing machine to its lineup of interactive stationary bikes and treadmills. 

The Peloton Row starts at $3,195, and customers will also need a $44/month membership to the company's virtual exercise program. The machine is available for preorder on Peloton's website with deliveries expected to start in December. 

The rower is Peloton's first new fitness machine in years. Reviews for the long-rumored product began to come out Tuesday, with The Verge deeming it "pretty much what you’d expect" and noting its large size — 8 feet long with a weight of 156 pounds. 

Peloton has been trying to reshape its business, which boomed during pandemic lockdowns but dropped off dramatically as restrictions eased and customers headed back to the gym. The company recorded its only profitable quarters during the pandemic and has seen shares drop 70% this year.

Last month, the company announced plans to cut jobs, shift delivery work to third-party vendors and significantly reduce the number of stores it has in North America. 

RELATED: Peloton co-founder steps down, exercise company cuts 3,000 jobs

It also broke from its direct-sales-only model to sell equipment and gear on Amazon in a bid to "meet consumers where they are." The company announced plans in July to stop making its own bikes and treadmills, outsourcing those duties to a Taiwanese manufacturer.

RELATED: Peloton to sell its bikes on Amazon in bid to reverse slump

Earlier this month, co-founders John Foley and Hisao Kushi stepped down amid faltering sales. Foley had been CEO for a decade before becoming executive chair in February, and Kushi had been chief legal officer since 2015. 

Peloton has had success with its digital app, which can be used with other equipment. The company has previously said that it would like to focus more on the app and less on equipment sales.

The Associated Press contributed to this report. 

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