Latest news with #Revel
Time Out
7 hours ago
- 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
a day ago
- 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
a day ago
- 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
Business Insider
a day ago
- Automotive
- Business Insider
Revel is ditching its ride-hailing business and going all in on EV charging
The company said Monday that it is ending its ride-hailing service. Revel provided the option in the New York City metro area with a fleetofall-electric Tesla vehicles. "After 4 years and countless electric rides, we have made the difficult decision to permanently close our rideshare service today," the company said in an email sent to customers on Monday and viewed by Business Insider. The companysaid it is staying in the electric vehicle business, though: Revel plans to add charging stations in Los Angeles, New York, and San Francisco, the email to customers said. The startup struck a partnership last year with Uber to expand EV charging stations in New York. "If you've got an EV, we hope you'll charge up with us," the message read. A similar message appeared on Revel's website on Monday. Bloomberg earlier reported on Revel's plans to end its rideshare business. A Revel spokesperson did not immediately respond to a request for comment from Business Insider. Revel launched its ride-hailing service in New York City in 2021. Back then, the company offered rides using a fleet of Tesla Model Ys and drivers who were employees, not independent contractors, like Lyft and Uber use. Last year, Revel laid off its employee drivers and switched to a gig-work model. The service had about 1,000 drivers before it made the change, Bloomberg reported at the time.
Business Insider
a day ago
- Automotive
- Business Insider
Revel is ditching its ride-hailing business and going all in on EV charging
Revel is leaving the ride-hailing business behind and going full-speed ahead into electric vehicle charging. The company said Monday that it is ending its ride-hailing service. Revel provided the option in the New York City metro area with a fleet of all-electric Tesla vehicles. "After 4 years and countless electric rides, we have made the difficult decision to permanently close our rideshare service today," the company said in an email sent to customers on Monday and viewed by Business Insider. The company said it is staying in the electric vehicle business, though: Revel plans to add charging stations in Los Angeles, New York, and San Francisco, the email to customers said. The startup struck a partnership last year with Uber to expand EV charging stations in New York. "If you've got an EV, we hope you'll charge up with us," the message read. A similar message appeared on Revel's website on Monday. Bloomberg earlier reported on Revel's plans to end its rideshare business. A Revel spokesperson did not immediately respond to a request for comment from Business Insider. Revel launched its ride-hailing service in New York City in 2021. Back then, the company offered rides using a fleet of Tesla Model Ys and drivers who were employees, not independent contractors, like Lyft and Uber use. Last year, Revel laid off its employee drivers and switched to a gig-work model. The service had about 1,000 drivers before it made the change, Bloomberg reported at the time. Revel also previously offered moped rentals in New York City but ended that service after a pair of fatal accidents involving the company's vehicles.
