Latest news with #FrankReig
Time Out
12-08-2025
- Automotive
- Time Out
R.I.P. Revel—the Uber rival is ceasing its rideshares in NYC and beyond this week
Pour one out for the big blue Teslas: Revel, the all-electric rideshare that promised to make getting around New York cleaner (and sometimes cheaper), has officially pulled the plug on its car-hailing service as of Monday, August 11. The company says it's ditching passengers for plug-in stations, shifting its focus to building electric vehicle charging hubs in cities like New York, San Francisco and Los Angeles. The decision ends a short but memorable chapter in New York City transit. Launched in 2021 with just 50 cars, Revel quickly became known for its sky-blue Model Ys and 30-percent-off promo codes that made the long wait times easier to swallow. For a certain slice of New Yorkers, the service was a go-to for clean interiors, courteous drivers and an occasional cheaper airport run. For others, it was the app they opened, saw a 40-minute wait, and closed again. CEO Frank Reig called the move bittersweet but necessary. 'The best way we can keep the EV transition moving forward is by ending our rideshare service and focusing on building the fast-charging infrastructure our biggest cities need,' he said in a statement. Revel currently operates 100 chargers across New York City and one in San Francisco, with another 100 under construction and plans to hit 2,000 by 2030. It's not Revel's first pivot. The company's original claim to fame was its rentable navy-blue mopeds, which zipped around the city until safety issues, insurance costs and several high-profile crashes ended that business in 2023. The rideshare service, while praised for paying drivers better than many competitors (at least early on), faced uphill battles against Uber and Lyft's scale, New York's tight licensing rules and the brutal economics of VC-funded transit startups. In recent months, Revel ended its Hertz rental car deal, moved drivers from employee status to contractors and, according to industry chatter, may be looking to sell its 100-plus corporate TLC plates. Most of its 500 leased vehicles will head back to owners and drivers say they got little notice of the shutdown. For riders, the loss means one fewer option in a city where 'choice' usually means picking which surge price hurts less. For Revel, it's a bet that the future (and the money) is in powering the cars, not driving them. Whether that future arrives before your next Uber surge hits $75 remains to be seen.
New York Times
11-08-2025
- Automotive
- New York Times
Revel Pulls Plug on Electric Vehicle Ride-Share Business in New York
Revel, the New York-based ride-share company with distinctive light-blue electric cars, said it will end its service Monday to focus on expanding its network of charging stations. The company said it was making the move for reasons similar to its decision to end electric moped service in 2023: There are lots of ways to get around the city, and plenty of competitors are vying for passengers. Even at Revel's height, its fleet of cars was dwarfed by companies like Uber and Lyft. Most of Revel's 500 cars are leased, and the cars will be returned to the owners. The company employed more than 600 drivers a month, who were not given any advance warning about the company's decision, according to a Revel spokesperson. Frank Reig, Revel's co-founder and chief executive, said ending the ride-share service was best for the company and, broadly, for the continued adoption of electric vehicles by the public. 'The best way we can keep the E.V. transition moving forward is by ending our ride-share service and focusing on building the fast-charging infrastructure our biggest cities need to keep going electric,' he said. The company said it will look to increase its number of charging stalls around the New York City region to 278 from 88 by the end of next year. Uber could benefit from the build out: In March 2024, the companies agreed to give Uber drivers a discount at Revel's charging stations in New York City. Revel started its ride-share program in April 2021 with 50 vehicles that operated only in New York City. It had around 80,000 rides in June in New York City, compared with about 20 million combined rides for Uber and Lyft, according to the NYC Taxi and Limousine Commission Factbook. Want all of The Times? Subscribe.
The Verge
11-08-2025
- Automotive
- The Verge
Revel shutters rideshare business, pivots to EV charging
Revel is shutting down its ridehail business, citing heightened competition from rideshare leaders like Uber and Lyft. The company, which began as an electric moped business before shifting to rideshare, plans to pivot to electric vehicle charging. 'At the end of the day, rideshare is a very competitive market and asset-heavy,' Revel CEO Frank Reig said in a statement to Bloomberg. 'It's low margin. We have made the difficult decision that the best way we can keep the EV transition moving forward is by ending our rideshare service and focusing on building the fast-charging infrastructure our biggest cities need to keep going electric.' The Brooklyn-based company launched in 2018 with its signature neon blue rental mopeds before graduating to an all-Tesla ridehail fleet. Revel's signature baby-blue Model Ys mostly operated in New York and New Jersey. Revel is seeking to sell 165 for-hire vehicle license plates, as well as a buyer for its Tesla and Kia vehicles, according to Bloomberg. The company recently opened several EV charging hubs in New York City and California, and plans to open hundreds more by the end of next year. Posts from this author will be added to your daily email digest and your homepage feed. See All by Andrew J. Hawkins Posts from this topic will be added to your daily email digest and your homepage feed. See All Electric Cars Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Ride-sharing Posts from this topic will be added to your daily email digest and your homepage feed. See All Transportation
Bloomberg
11-08-2025
- Automotive
- Bloomberg
Revel to End New York Rideshare Business to Focus on EV Charging
Revel Transit Inc. plans to wind down rideshare operations after weathering stiff competition in its home city of New York, pivoting to an EV-charging business that counts Uber Technologies Inc. as a partner rather than rival. The company is notifying customers and drivers on Monday of the move. It's seeking buyers for the 165 for-hire vehicle license plates it owns, according to co-founder and chief executive officer Frank Reig. The market selling price is likely $20,000 to $25,000 per plate, he added. His company is also looking to sell or return the signature blue Teslas and Kias it owns or leases.
Axios
26-03-2025
- Automotive
- Axios
Revel expands EV fast chargers in urban areas
Electric taxi company Revel is rapidly expanding its public fast-charging network, focusing on cities where rideshare fleets face looming deadlines to switch to all-electric power. Why it matters: The biggest concern of EV rideshare drivers is finding a place to quickly recharge, since many don't have access to charging at home. Between the lines: The Trump administration has frozen taxpayer funding for EV charging infrastructure, but big cities like New York and San Francisco are still forging ahead with plans to electrify their rideshare fleets within the next five to seven years. They'll need a place to plug in. Despite the cutbacks in federal funding, there's still plenty of financing support for EV charging from local governments and state utilities, Revel CEO Frank Reig tells Axios. "Those rideshare electrification targets are not going away," he said, explaining the policy tailwinds that are helping Revel grow in left-leaning cities. Driving the news: The New York-based company this week opened its first EV fast-charging station in San Francisco's Mission District, marking the first phase of its expansion outside New York City. The West Coast rollout follows the opening of a 24-stall fast-charging station at New York's John F. Kennedy International Airport the week before.
