Startups
Revel to End New York Rideshare Business to Focus on EV Charging
An electric vehicle arrives a Revel charging station in the Brooklyn borough of New York.
Photographer: Stephanie Keith/BloombergRevel Transit Inc. plans to wind down rideshare operations after weathering stiff competition in its home city of New York, pivoting to an EV-charging business that counts Uber Technologies Inc. as a partner rather than rival.
The company is notifying customers and drivers on Monday of the move. It’s seeking buyers for the 165 for-hire vehicle license plates it owns, according to co-founder and chief executive officer Frank Reig. The market selling price is likely $20,000 to $25,000 per plate, he added. His company is also looking to sell or return the signature blue Teslas and Kias it owns or leases.