Revel is shutting down its ridehail business, citing heightened competition from rideshare leaders like Uber and Lyft. The company, which began as an electric moped business before shifting to rideshare, plans to pivot to electric vehicle charging. “At the end of the day, rideshare is a very competitive market and asset-heavy,” Revel CEO Frank Reig said in a statement to Bloomberg. Revel is seeking to sell 165 for-hire vehicle license plates, as well as a buyer for its Tesla and Kia vehicles, according to Bloomberg. The company recently opened several EV charging hubs in New York City and California, and plans to open hundreds more by the end of next year.