Revel shuts down its ride-hail business to focus on EV charging

Revel has officially ceased its ride-hailing operations in New York City, marking a significant transition for the company originally founded in 2019 to provide electric scooter rentals. The firm is now directing its efforts towards enhancing its electric vehicle (EV) charging business, which currently operates five charging stations in New York and one in San Francisco. As of Monday, users visiting Revel's app were greeted with a message expressing gratitude for their support over the past four years, while announcing the permanent closure of its rideshare service. This sentiment was echoed on the company’s website, which stated that Revel will prioritize expanding its Fast Charging initiative with plans for additional sites in more cities soon. Frank Reig, co-founder and CEO of Revel, explained in a statement to TechCrunch, "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." In the wake of this strategic pivot, Revel will sell or return its fleet of bright-blue Tesla and Kia vehicles. According to Bloomberg News, the company will also be selling the 165 for-hire vehicle license plates associated with these cars, with Reig estimating their value between $20,000 to $25,000 each. Initially, Revel unveiled its first charging stations in 2021, coinciding with the launch of its ride-hailing fleet. However, the uptake for its charging services was slow in those early days. TechCrunch reported that by early 2023, utilization of the network was only at 21%, with a mere 19% attributed to Revel's own ride-hail operations. Fast forward to early 2025, and the utilization rate had increased to 45%, with just 12% of that coming from Revel's fleet. The company experienced a significant boost in 2024 when Uber partnered with them, directing many of its drivers to utilize Revel's charging stations. By the end of 2026, Revel aims to have over 400 charging stalls operational across Los Angeles, New York, and San Francisco.