Electric-mobility company Revel is shutting down its ride-hailing business in New York City and will focus exclusively on building out a network of fast electric-vehicle chargers. The decision ends a four-year effort to compete with Uber and Lyft using a fleet of distinctive blue Tesla Model Ys and Kia EVs. Revel plans to sell or return the vehicles and is also looking to dispose of 165 for-hire vehicle licences that Chief Executive Officer Frank Reig said could fetch between $20,000 and $25,000 apiece. “Rideshare is a very competitive, asset-heavy and low-margin market,” Reig said in a statement, adding that concentrating on charging infrastructure is the company’s best path to accelerate the shift to electric transport. The Brooklyn-based firm operates more than 100 chargers across five sites in New York and one in San Francisco. Utilisation of the network has more than doubled over the past two years, rising to 45 % in early 2025 after Uber agreed last year to direct many of its drivers to Revel’s stations. Revel aims to have more than 400 fast-charging stalls in Los Angeles, New York and San Francisco by the end of 2026 and has set a longer-term goal of 2,000 stalls by 2030. The closure marks the company’s latest strategic pivot after earlier exits from electric-moped rentals and a switch to contractor drivers in its ride-hail unit.