New York City Bids Farewell to Rideshare Services Provided by Tesla Model Y, Given the Service's Termination
Revel Shifts Focus from Rideshare to Fast-Charging Infrastructure
After nearly four years of operating an all-electric rideshare service in New York City, Revel has made the decision to end its ride-hailing operations and focus solely on expanding its fast-charging infrastructure in major U.S. cities.
The company, which first received approval to launch an electric rideshare fleet in July 2018, saw significant demand when it kicked off in August 2021, with over 50,000 people joining its waitlist almost immediately. However, competition in the city's rideshare market, dominated by Uber and Lyft, proved too tough to sustain Revel's business.
Revel marketed its rideshare service as an eco-friendly, premium alternative to traditional ridesharing. The electric rideshare fleet consisted of Tesla Model Y vehicles, with an initial fleet of 50 custom-painted Tesla Model Ys. The service conducted roughly 100,000 monthly rides in recent months, averaging around 45,000 monthly active riders.
Despite the success of its rideshare operation, Revel's CEO and co-founder, Frank Reig, stated that rideshare is a competitive and asset-heavy market with low margins. He believes that Revel's biggest impact on accelerating EV adoption will come from making urban charging more accessible for drivers without home charging.
With this in mind, Revel is pivoting its focus entirely toward building out fast-charging infrastructure in major U.S. cities. The company currently operates about 100 fast chargers across five sites in New York City and one site in San Francisco, with an additional 100 chargers under construction.
Revel plans to significantly expand its charging network. By the next twelve months, the company aims to add 300 new charging stalls across the Bay Area and New York City. Longer-term, they target up to 2,000 charging stalls nationwide by 2030.
Revel has partnered with Uber to enhance its charging infrastructure expansion in New York. Additionally, the company is working with Kempower to install DC fast-charging solutions in their hubs, such as the recent addition at JFK Airport.
Looking ahead, Revel is planning to open a fast-charging hub in Los Angeles next year, further expanding its presence on the West Coast. The company's ambitious expansion plans could help to make electric vehicle charging more accessible and accelerate the adoption of electric vehicles in major U.S. cities.
[1] Revel's Expansion Plans
[2] Revel's Partnership with Uber
[3] Revel's Partnership with Kempower
[4] Revel's Decision to End Rideshare Service
[5] Revel's Plans for Los Angeles
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