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Revel Ends NYC Rideshare Service to Pivot to Fast-Charging Infrastructure

Revel will divest its electric fleet along with license plates to fund an expansion of its fast-charging network from roughly 100 stalls to 400 by late 2026.

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A Revel Tesla Livery Service car is seen here in Manhattan on Saturday August 7, 2021. 1349. (Theodore Parisienne for New York Daily News)

Overview

  • Revel ceased its New York City ride-hailing operations on Aug. 11 after four years of service.
  • The company currently runs about 100 chargers across five stations in New York City and one in San Francisco with another 100 stalls under construction.
  • Revel aims to deploy over 400 fast-charging stalls in Los Angeles, New York, and San Francisco by the end of 2026 and reach 2,000 stalls by 2030.
  • The company is marketing its fleet of Tesla and Kia EVs for sale or return and seeking buyers for approximately 165 corporate for-hire vehicle license plates valued at $20,000 to $25,000 each.
  • CEO Frank Reig cited low margins and fierce competition in ride-hailing as key drivers of the shift and pointed to rising charger utilization and partnerships with platforms like Uber as the growth basis for its charging business.