High-end fitness equipment brand Peloton has announced a big investment in U.S. manufacturing.
The company says it will build its first U.S. factory, to the tune of $400 million.
The facility, planned for Troy Township, Ohio, is expected to create 2,000 jobs and be operational by 2023.
The plant will produce Peloton’s exercise bikes and treadmills as U.S. customers clamor for fitness equipment amid pandemic-related gym shutdowns.
Despite high sales numbers, Peloton recently forecast a $165 million loss for the quarter.
In May, Peloton recalled Tread+ treadmills sold in the U.S. after one child died and 29 were injured after being pulled under the rear of the machine.
The factory announcement boosted Peloton stock slightly, but it’s still down 34% this year due to the recall.
