Peloton is initiating a recall for upwards of two million workout bikes due to apprehensions that the seat structure might fail while in operation, potentially harming users. Bike owners are strongly encouraged to discontinue the use of the product and reach out to Peloton for a complimentary fix.

Several incidents of injuries, including a broken wrist and cuts, have been reported to the company when the bike's seat dislodged during operation.

This recall is focused on bikes purchased in the US between January 2018 and May 2023.

The recall was enforced by the Consumer Product Safety Commission of the United States, warning owners about potential injury hazards related to the bike model number PL-01.

In its official statement, Peloton has pinpointed 35 instances of "seat posts breaking" from the 2,160,000 bikes sold as of April 30th.

The company stated, "We are initiating a voluntary recall of the seat post on the affected units and offering a free replacement seat post in line with our dedication to product safety."

Peloton clarified that members who bought a bike in the UK, Germany, and Australia are not affected by this recall. The company is currently liaising with Canadian regulators and will share an update with Canadian customers in the near future.

Peloton's workout bikes gained immense popularity during the pandemic as fitness centers shut down to mitigate the transmission of Covid-19. A standard Peloton bike is priced at $1,445, based on the company's official website.

However, the home workout gear provider has faced several controversies over the years. The recent news of the voluntary recall led to the company's shares plummeting by more than 8% on Thursday.

The company faced criticism in 2019 for a holiday promotional campaign that showed a man gifting his wife an exercise bike.

The woman in the promotion says, "A year ago, I didn't realize how much this would change me," and goes on to document her fitness journey. The campaign faced backlash on social media, with people tagging it as "sexist" and even "dystopian," resulting in a significant drop in the company's shares.

In the following year, the company had to recall its treadmill model after an unfortunate incident involving a child's death and reports of injuries from over 70 individuals.

Adding to the company's challenges, the character Mr. Big from the popular HBO series Sex and the City suffered a fatal heart attack after riding a Peloton bike. This unexpected storyline deeply affected fans and contributed to a dramatic fall in the company's stock value, which dropped by more than 75% in 2021.

Q&A Section:

Question: Why is Peloton recalling its bikes?

Answer: Peloton is recalling more than two million of its exercise bikes due to concerns that the seat assembly could break during use, potentially causing injuries to users.

Question: Which model of Peloton bikes is affected by the recall?

Answer: The recall applies to bike model number PL-01 sold in the US between January 2018 and May 2023.

Question: How has the recall impacted Peloton's shares?

Answer: The news of the voluntary recall led to Peloton's shares plunging by more than 8% on Thursday.