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Amazon tells Echelon to stop selling ‘Prime Bike’

Amazon claims Echelon’s new ‘Prime Bike’ is not ‘an Amazon product’. Yahoo Finance’s Melody Hahm shares the details.

Video Transcript

JULIE HYMAN: Melody, there is an update on the supposed Amazon Prime bike that we heard about yesterday that Echelon was making.

MELODY HAHM: Yeah, another skip it, in the words of Rick Newman. Amazon distancing itself from this so-called Prime bike that Echelon marketed as a $500 bike that would be the same offering as Peloton. The bike is no longer available on Amazon's website entirely.

Echelon did provide a statement to me saying that the product was built by Echelon to sell exclusively on Amazon. We are just working to rebrand the product to get it on the site again. I want to note that that $500 bike was also available on Wal-Mart, not branded as such, but it was the same exact product. That is all sold out. So we know that the demand is there, but the saga continues of a potential Peloton competitor.

JULIE HYMAN: Yeah, and those Peloton shares are rebounding today. They were down yesterday on concern that this competitor was coming out, but doesn't turn out that way.