Amazon is distancing itself from the $500 "EX-Prime" bike launched by exercise equipment maker Echelon Fitness, after the product was incorrectly marketed as a collaboration between the two companies.
Echelon on Tuesday announced the so-called Prime bike, calling it "Amazon's first-ever connected fitness product" that was "developed in collaboration with Amazon." The move was widely heralded as Amazon's first foray into the smart bike market and caused shares of exercise bike maker Peloton to fall as much as 6% on Tuesday.
But on Tuesday evening, Amazon denied it was involved in a partnership with Echelon or the Prime bike. The company has told Echelon to stop selling the Prime bike and change its branding.
Peloton shares hit a record high Wednesday.
Amazon also appears to have pulled the product from its website, listing it as "currently unavailable."
"This bike is not an Amazon product or related to Amazon Prime," an Amazon spokesperson told CNBC. "Echelon does not have a formal partnership with Amazon. We are working with Echelon to clarify this in its communications, stop the sale of the product and change the product branding."
Echelon spokesperson Marissa Mastellone said in a statement that the product was built by the company to sell exclusively on Amazon. Echelon is working to rebrand the product to "get it back up for sale as soon as possible," she added.
Echelon expects the product to be relisted on Amazon's website once it's rebranded, Mastellone said.
