Revel shutters rideshare business, pivots to EV charging

A Revel charging presumption successful Brooklyn successful 2022.

Revel is shutting down its ridehail business, citing heightened contention from rideshare leaders similar Uber and Lyft. The company, which began arsenic an electrical moped concern earlier shifting to rideshare, plans to pivot to electrical conveyance charging.

“At the extremity of the day, rideshare is simply a precise competitory marketplace and asset-heavy,” Revel CEO Frank Reig said successful a connection to Bloomberg. “It’s debased margin. We person made the hard determination that the champion mode we tin support the EV modulation moving guardant is by ending our rideshare work and focusing connected gathering the fast-charging infrastructure our biggest cities request to support going electric.”

The Brooklyn-based institution launched successful 2018 with its signature neon bluish rental mopeds earlier graduating to an all-Tesla ridehail fleet. Revel’s signature baby-blue Model Ys mostly operated successful New York and New Jersey.

Revel is seeking to merchantability 165 for-hire conveyance licence plates, arsenic good arsenic a purchaser for its Tesla and Kia vehicles, according to Bloomberg. The institution precocious opened several EV charging hubs successful New York City and California, and plans to unfastened hundreds much by the extremity of adjacent year.