Discover more from AutoMarketplace
⚡Revel Is A Top 5 NYC Base, New EV-Only TLC Plates Will Likely Spur Further Growth
Based on June FHV trip data, EV-only ridehailing company Revel, has broken into the Top 5 NYC bases by trips. New EV-only FHV Licenses (TLC Plates) will likely help Revel grow more
⚡ It’s almost impossible NOT to see a Baby Blue TLC-plated Tesla with the Revel logo, if you spend the day in Manhattan. In fact, it got us thinking, was it just our imagination or were there seemingly more Revel Teslas driving around the City. The other day, we decided to act on our curiosity and jot down the TLC plate number of a Revel Tesla that was stopped in Midtown. Maybe it warranted some follow-on work to our previous Revel analysis back in July, which had revealed continued expansion for the young automotive mobility & infrastructure startup. As we were doing this research, the announcement that Revel raised another $50 million in debt, plus potentially more funding, further added to our curiosity!
🏆 Top 5 Base
After looking at the latest detailed TLC trip data by base, our curiosity wasn’t misplaced. Revel has continued to grow its overall dispatched fleet, breaking into the Top 5 overall NYC bases (by trips) in June 2022. It’s important to note our reference to dispatched fleet, as that doesn’t necessarily mean Revel controls the FHV License (aka TLC Plate), but rather is dispatching trips to a vehicle that may technically be associated with another Company and TLC base.
For example, the TLC plate number we jotted down (referenced in our opening paragraph) was not associated with Revel’s base (B03380), but Uber’s base (B03404). The VIN additionally confirmed it was a Tesla Model Y, so we didn’t make a mistake noting the plate number. What’s also interesting, is that the vehicle can’t practically work on Uber’s App if it’s a Baby Blue Tesla with a Revel logo on the side of the car…or can it? 🤔.
To be clear, cross-dispatching between vehicles affiliated with different bases is allowed in NYC so there is nothing odd or illegal about that, but rather shows Revel may be forming more partnerships with other FHV fleets and drivers. We also alluded to this in our July piece on Revel as well.
1,000 NEW EV-Only TLC Plates
With the recent announcement that 1,000 new electric vehicle (EV-only) FHV Licenses (aka TLC Plates) will be released, Revel’s additional funding and growth could actually become a really interesting story! Based on a recent City Council hearing, where Revel’s name is specifically mentioned, NYC TLC Chair & Commissioner David Do states 400 (of the 1,000) new TLC Plates will be reserved for companies that "help spur additional infrastructure". We’ve previously stated that we don’t believe the majority of TLC drivers prefer the W2 employment model Revel utilizes (i.e., drivers want to be independent contractors), but perhaps our thesis is misinformed. To be fair to Revel, given Teslas might be expensive for an independent operator to maintain, it also may make sense for a larger fleet to own the vehicles.
We are still of the view that Revel’s overall goals are more about creating fast charging NYC EV charging infrastructure, which is undoubtedly needed, versus standing up an Uber & Lyft competitor. Remember though, the Company may need its own vehicle fleet initially to help it utilize the charging hubs it develops to make them financially viable, before other TLC drivers and fleets switch to EVs. This is our speculation though, so take it with a grain of salt🧂. That being said, if Revel continues on its current trip growth trajectory and can access more TLC Plates, perhaps a scaled NYC ridehailing company is arising!
As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.
AutoMarketplace.com NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace.com on YouTube ▶️
Interesting to see how 600 tlc electric plates will be distributed to the drivers