Originally launched in 2018 as an electric moped rental service, Revel transitioned to a rideshare model with an all-Tesla fleet, primarily operating in New York and New Jersey.

Revel was the first in NYC to operate an all-electric ridehailing fleet, starting with 50 vehicles and expanding to 500, but it remained significantly smaller than competitors like Uber and Lyft.

Indicators of declining demand for its rideshare services included Revel's shift to independent contract drivers in June 2024 and the termination of its Hertz rental car contract in April 2025.

The company's exit from the rideshare market reflects a broader trend among companies reevaluating profitability in the competitive ridesharing space, particularly against established players like Uber and Lyft.

CEO Frank Reig cited the competitive and low-margin nature of the rideshare market as a primary reason for this strategic shift.

Revel's transition comes after a series of shifts in its business model, including moving from a moped rental service to an all-electric rideshare model and then to a gig-work model for drivers.

As part of its strategic shift, Revel plans to sell or return its fleet of electric vehicles and the associated 165 for-hire vehicle license plates, which could fetch between $20,000 and $25,000 each.

Currently, Revel averages about 100,000 rides per month, a stark contrast to the over 20 million rides monthly for Uber and Lyft.

Despite the challenges in ridesharing, Revel's charging network utilization rose from 21% in early 2023 to 45% by early 2025, aided by a partnership with Uber to direct drivers to its chargers.

Revel operates 100 chargers across five stations in New York City and one in San Francisco, with plans to expand to 2,000 charging stalls by 2030.

Revel, a prominent electric rideshare company, is ceasing its rideshare operations in New York City as of August 11, 2025, to focus on developing electric vehicle (EV) charging infrastructure.

Co-founder and CEO Frank Reig emphasized that this decision aims to better support the transition to electric vehicles through an increased focus on charging infrastructure.