Revel is ending its ridesharing operation to focus on EV charging

Revel Transit is shutting down its rideshare operation in NYC, as reported by Bloomberg. The company will instead focus its efforts on EV charging. It's also seeking buyers for its fleet, including the 165 for-hire vehicle license plates it owns.

"At the end of the day, rideshare is a very competitive market and asset-heavy. It’s low margin," CEO Frank Reig said. “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 company was the first in NYC to operate an all-electric ridehailing fleet, launching with just 50 vehicles but eventually growing to 500 vehicles. However, that's a drip in the bucket compared to rivals like Uber and Lyft. Revel averages about 100,000 rides per month ...