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To try to turn around its failing company, exercise technology provider Peloton will outsource manufacturing to a Taiwainese company.
Rexon will produce the company’s bikes and treadmills, the company has said in an effort to streamline operations and lower expenses for the struggling company.
In the past year, Peloton’s stock price has dropped by an astounding 92%.
The company has seen numerous controversies, which have reduced its value from roughly $120 in July of last year to just $9 today.
Andrew Rendich, the chief supply chain officer at Peloton, stated in an interview with Bloomberg News.
We are returning to partnership production alone, he declared. According to capacity and demand, it enables us to ramp up and ramp down.