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Revel Rideshare: Analyzing The Data
It's almost been a year since Revel announced its NYC rideshare service. We take a look at the data to see how it's going (thus far) and predict what the future may hold
AutoMarketplace.com NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace.com on YouTube ▶️
Revel, the Brooklyn-based mobility startup, will soon celebrate its one year NYC rideshare service anniversary. If you are a Manhattan resident or visitor, it's almost impossible to miss their baby blue Tesla Model Y TLC-plated vehicles driving around.
In this short piece, we analyze Revel's vehicle and NYC trip data. What might surprise many NYC TLC drivers and other industry participants is that the company, from a rideshare perspective, is smaller than many probably think. Now, that doesn’t take away from their innovative approach, including the company’s large EV charging hub in Brooklyn. However, it should dispel unsubstantiated rumors (I’ve heard this claim several times through the TLC grapevine) about how large Revel is or whether it’s still growing its fleet illegally, given the active FHV License Pause (aka TLC Plate Cap).
In terms of the future, and as mentioned before, we believe the company is more interested in building out its EV charging infrastructure business, than in creating a scaled Uber or Lyft competitor in NYC. In other words, its rideshare service is more a means to an end to ensure its charging hubs are initially utilized. Given the company has limited its rideshare service to a company-owned and operated fleet with employed drivers, it's unlikely to gain significant trip market share in NYC without adopting an independent operator approach.
Perhaps one day they'll incentivize independent TLC owner-operators or fleets to convert their vehicles to light blue Model Y Revel "taxis", but without more trip volume, many will hesitate to make such a switch. It's a classic chicken and egg problem. If I was advising Revel management regarding their NYC rideshare strategy, what I would consider is onboarding independently operating NYC TLC drivers (including yellow cab medallion owners) that own EVs or are thinking about making the switch to EVs (i.e., EV charging subscription agreements with the drivers). Convincing drivers to paint their vehicles light blue might be a challenge, but a training program and rating system would effectively ensure their standards are being met and maintained. Finally, the “traditional” black car & livery industry’s push for an exemption to the FHV License Pause (aka TLC Plate Cap) may have interesting impacts for Revel's NYC strategy. For example, if an exemption is granted to issue "Revel-only" base vehicle licenses, that may allow the company to significantly expand their fleet.
Whatever Revel is exactly thinking, one thing is certain - right now the company has money to experiment with.
Revel Vehicle & Trip Data
*NYC Open Data August 2021 to January 2022
As always let us know what you think about the suggestions and thoughts above and whether you have some of your own!
AutoMarketplace.com NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace.com on YouTube ▶️