Revel shuts down its ride-hail business to focus on EV charging
Revel, a transportation startup, has decided to shut down its ride-hailing business to focus on electric vehicle (EV) charging. The company launched its ride-hail service, which competed with Uber and Lyft, four years ago but has now decided to abandon this venture. Revel plans to sell or return its fleet of Tesla and Kia EVs that were used for the ride-hailing service. The company aims to shift its focus entirely to building and operating EV charging stations, which it sees as a more promising business opportunity. The decision to exit the ride-hailing market comes as Revel faces increasing competition from larger, well-established players in the industry. The company believes that the EV charging market offers more potential for growth and profitability, and it intends to leverage its expertise in this area to drive its future business strategy.
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