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    • Peloton stock tumbles on report that it is halting production

    This Nov. 19, 2019 file photo shows the logo on a Peloton bike in San Francisco. (AP Photo/Jeff Chiu, File) This Nov. 19, 2019 file photo shows the logo on a Peloton bike in San Francisco. (AP Photo/Jeff Chiu, File)
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    Peloton shares sank 20 per cent Thursday after it was reported to have temporarily halted production of its bike and treadmill products because waning consumer demand.

    that Peloton plans to pause production of its US$1,495 lower-end bike for two months and it's not making anymore Tread machines for six weeks beginning in February. Production of its Bike+, the higher-end bike that costs US$2,495, was halted in December and won't resume until June, according to the report.

    Internal documents viewed by CNBC said that the company executives are facing a "significant reduction" of demand for Peloton products because of its high prices and increased competition. Reportedly, there are "thousands of cycles and treadmills sitting in warehouses or on cargo ships, and it needs to reset its inventory levels," the news outlet said.

    Peloton didn't respond to CNN Business' request for comment.

    The news came a few days after of its Bike and Tread beginning January 31. Customers will soon be required to pay US$250 for delivery and setup for the Bike — a service that the company previously included in the price. Customers buying Peloton's Tread will be charged a US$350 fee for delivery and installation starting later this month. It said that "continued constraints are driving up costs."

    Peloton's stock has been battered in 2021 — losing 76 per cent of its value — after . The company revealed in its most recent earnings report that sales of its stationary bikes and treadmills fell 17 per cent. Those two machines are the company's bread and butter, making up 60 per cent of its business.

    Shares are down 28 per cent for the year. Peloton reports earnings on February 8.

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    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

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    World

    Politics

    Health

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes 'indescribable' pain, she struggles to maintain the will to live.

    Sci-Tech

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    • China's ongoing ban on Canadian beef appears to have no end in sight, making it a textbook example of the uncertainty Canadian exporters continue to face in that market.

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    • Maplewood Secondary School is scheduled to open Monday after receiving a permit Friday morning allowing 50 per cent of the building to be occupied.

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    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • A man who asserted his right to work in French has won his case before the Tribunal, invoking the new provisions of the province's French-language law (Bill 96) to that effect.

    • Mounties say there was an increased police presence in the Emerald Hills area of Sherwood Park on Friday morning as officers searched for a man who is wanted by police.

    • Alberta Health Services says an E. coli outbreak at a daycare in Blackfalds has ended.

    • One person has been charged and an arrest warrant has been issued for a second in connection with an Alberta Emergency Alert earlier this week.

    • BREAKING

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    N.L.

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