(Pocket-lint) - Peloton has reported huge revenue and membership spikes throughout the pandemic, so, of course, the company is planning new products.

Bloomberg claimed Peloton is gearing up to launch a cheaper treadmill that costs less than $3,000. Its current model, the Tread, costs $4,295. It'll be re-branded to Tread+, while its upcoming successor will get the Tread name. The new Tread will also be smaller and have a redesigned belt. 

Peloton is a seven-year-old American company that makes at-home gym equipment, has an exercise app, and produces workout videos that customers can live-stream through Peloton products. It recently went public and is perhaps best known for its indoor exercise bike.

Speaking of the Peloton Bike, Peloton might also launch a more high-end workout bike. Called Bike+, it will cost more than the current model, which starts at $2,245, and should pack a redesigned tablet screen that is more adjustable. The current Bike might also get a new $1,900-or-less price. 

Bloomberg indicated Peloton could announce the new Tread and Bike+ “as early as next week", or sometime by mid-September 2020. The new treadmill will likely go on sale later than the new bike. There's no word on exactly when, however.

Writing by Maggie Tillman.