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Peloton announced Tuesday that the company will no longer manufacture its bikes or treadmills in-house in an effort to reduce costs.
Instead, the high-end retailer, which benefited in the early days of the pandemic, will outsource its manufacturing to Taiwanese manufacturer Rexon Industrial Corp.
Rexon, which has previously worked with Peloton to produce hardware for its products, will become the sole manufacturer for both its Bike and Tread product lines, according to Peloton.
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The move is seen as a "natural progression in Peloton's strategy" as the company works to simplify its supply chain and optimize its cost structure, according to the company.