Revel shutters rideshare business, pivots to EV charging

Revel, a Brooklyn-based company that started with electric mopeds and later shifted to a rideshare business with Tesla and Kia vehicles, has decided to shut down its ridehail service. The company cites heightened competition from industry leaders like Uber and Lyft as the primary reason for this decision. Revel's CEO, Frank Reig, stated that the rideshare market is highly competitive and low-margin, making it difficult to sustain the business. As a result, Revel has decided to pivot its focus to electric vehicle charging infrastructure, aiming to build hundreds of charging hubs in New York City and California by the end of next year. The company is currently seeking to sell its 165 for-hire vehicle license plates and its fleet of Tesla and Kia vehicles. This shift in strategy represents Revel's effort to contribute to the ongoing transition towards electric vehicles by providing the necessary charging infrastructure, which the company believes is the best way to support the EV movement forward.