Peloton is launching a cheaper treadmill and a new premium bike, as the fitness powerhouse tries to muscle its way into more American homes

• Peloton is launching a cheaper version of its treadmill and a new premium stationary bike, the company confirmed on Tuesday.
• Beginning on September 9, the cost of original Peloton bike will now drop to $1,895, down from $2,245, according to Peloton.
• For $2,495, consumers can now get Bike+, which is designed to make it "easier to complement an indoor cycling class with Peloton's strength, yoga, stretching and meditation classes."
• The lower-priced treadmill will retail for $2,495, down from $4,295, and will be available in early 2021, according to the company.
• "Our goal is to be the go-to at-home fitness solution for as many people as possible," John Foley, Peloton CEO and co-founder, said in a statement. "

Peloton is launching cheaper versions of its existing stationary bike and treadmill, while also adding a new premium bike model to the mix, the company confirmed on Tuesday.

Beginning on September 9, the cost of original Peloton bike will now drop to $1,895, down from $2,245, according to Peloton. For $2,495, fitness buffs can now purchase Bike+, which is better equipped for total body workouts using a design that "makes it easier to complement an indoor cycling class with Peloton's strength, yoga, stretching and meditation classes," the company said.

The new treadmill — which will be smaller and developed using a cheaper design structure, as first reported by Bloomberg — costs $2,495, down from the original $4,295 price, Peloton announced on Tuesday. The original treadmill will be renamed Tread+, while the lower priced model will be called Tread, and will be available in early 2021, according to the company.

Both Bike+ and the less expensive Tread will feature more adjustable tablet screens than previous models, Peloton said. The flexibility of the screens will allow users to also do mat and strength training workouts near the machine, with new class offerings like Bike Bootcamp.

"Our goal is to be the go-to at-home fitness solution for as many people as possible," John Foley, Peloton CEO and co-founder, said in a statement. "And with these new product launches, we'll be able to offer access to Peloton's best-in-class fitness content at various price points, depending on what consumers are looking for, especially in a world where people are increasingly working out at home,"

Foley had previously hinted at the much-anticipated cheaper bike option in May as part of an effort to democratize its high-tech fitness products and reach new consumers. Peloton currently has 2.6 million global members and growing, according to the company.

"We want to make our products even more affordable than they are today," Foley said in an interview with Time. "If we can get those monthly payments down, we can really open it up. And we want everyone in every socioeconomic class to be able to afford Peloton. That's a big focus for us in the coming years," he said.

Peloton has experienced a significant uptick in demand during the pandemic as Americans seek out at-home fitness options like stationary bikes. The company's sales in the first quarter of 2020 increased by 66% and subscribers to the Peloton app jumped by 94%.

Though Peloton announced in June that it was increasing production to meet overwhelming demand that prompted significant delays and last-minute cancellations, its bikes still remain on weeks-long backorder.