Revel, initially known for its electric mopeds and later its Tesla ridehail service, is shutting down its rideshare operations due to intense competition from companies like Uber and Lyft. CEO Frank Reig stated that the rideshare market is highly competitive and low-margin, prompting Revel to shift its focus to building fast-charging infrastructure for electric vehicles in major cities. The Brooklyn-based company, which began in 2018, is selling its for-hire vehicle licenses and Tesla and Kia vehicles. Revel has recently launched several EV charging hubs in New York City and California and aims to expand this network significantly by the end of next year.
