Amazon teams up with Echelon to launch sub-$500 Peloton competitor

EX-Prime Smart Connect Bik, or Prime Bike, is available to Amazon Prime subscribers for $499

Amazon has teamed up with connected exercise equipment maker Echelon to unveil a connected exercise bike for less than $500.

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The Peloton competitor, dubbed the EX-Prime Smart Connect Bik or Prime Bike, is available exclusively to Amazon Prime subscribers for $499. Prior to the coronavirus pandemic, Amazon said in January 2020 it had more than 150 million subscribers around the world.

"We were built on the idea of attainable fitness for everyone. The Prime Bike was developed in collaboration with Amazon, aiming to create an amazing, connected bike for less than $500 and it's proven to be a phenomenal match," said Lou Lentine, president and CEO of Echelon Fitness, in a statement. "Amazon looking to us to partner on their first-ever connected fitness product is recognition of our commitment to deliver quality at a reasonable price-point as reflected in our explosive growth over the last year."

The Echelon Prime Smart Connect Fitness Bike for Amazon (Credit: Echelon)

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.3,204.40+28.00+0.88%
PTONPELOTON INTERACTIVE122.53+1.73+1.43%

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In addition to the Prime Bike, which is available now, people will get an Echelon United Membership 30-day free trial with the purchase of a Prime Bike, "giving riders access to thousands of live and on-demand classes led by world-class trainers, as well as a number of scenic rides," the statement added.

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Earlier this month, Peloton announced a cheaper treadmill, known as Tread+, as well as a new version of its stationary bike, Bike+.

The original Peloton Bike also received a price cut, now retailing for at $1,895. Subscriptions to all Peloton equipment cost an additional $39 per month.

Peloton CEO John Foley recently told Fox Business the company could have 100 million subscribers sometime in the future.

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Earlier this month, Amazon's Alexa Fund, along with NBA superstar Stephen Curry, invested in upstart home fitness brand Tonal's $110 million funding round.

Stay-at-home fitness systems have surged in popularity in recent months after the coronavirus pandemic shut down gyms and made it difficult to work out in public. Shares of Peloton are up more than 200 percent since early March.

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Fox Business' Jeannette Settembre and Thomas Barabbi contributed to this story.