Revel is shutting down its ridehail enterprise, citing heightened competitors from rideshare leaders like Uber and Lyft. The corporate, which started as an electrical moped enterprise earlier than shifting to rideshare, plans to pivot to electric vehicle charging.
“On the finish of the day, rideshare is a really aggressive market and asset-heavy,” Revel CEO Frank Reig stated in a press release to Bloomberg. “It’s low margin. We’ve got made the tough determination that one of the best ways we will maintain the EV transition shifting ahead is by ending our rideshare service and specializing in constructing the fast-charging infrastructure our greatest cities must maintain going electrical.”
The Brooklyn-based firm launched in 2018 with its signature neon blue rental mopeds earlier than graduating to an all-Tesla ridehail fleet. Revel’s signature baby-blue Mannequin Ys principally operated in New York and New Jersey.