Revel is ending its ridesharing operation to focus on EV charging
Revel Transit, a ridesharing company in New York City, is shutting down its rideshare operation to focus on EV charging infrastructure. The decision was made due to the highly competitive and low-margin nature of the rideshare market. Revel was the first in NYC to operate an all-electric ridehailing fleet, but it was unable to compete with larger players like Uber and Lyft, who complete over 20 million trips per month compared to Revel's 100,000. Revel will now concentrate on building EV charging stations, which it has found more success with. The company currently operates over 100 chargers across five stations in NYC and San Francisco, primarily used by Uber and Lyft drivers. Revel aims to have 400 charging stalls by the end of next year and 2,000 by 2030 in major markets. This shift in focus reflects the company's belief that the EV transition is where it can make the biggest impact.
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