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In less than two years, Revel has gone from an idea to a shared electric vehicle startup with more than 1,400 mopeds across Washington D.C., and Brooklyn and Queens, New York. Now, it’s ready to grow up — and beyond these three cities — with a fresh injection of $ 27.6 million in capital raised in a Series A round led by Ibex Investors.

The equity round included newcomer Toyota AI Ventures and further investments from Blue Collective, Launch Capital and Maniv Mobility.

The capital will, as it often does with startups, allow Revel to scale up. CEO and co-founder Frank Reig said this growth will extend to its fleet of scooters within the cities it currently operates as well as expand into new markets. Reig wouldn’t name where the New York-based startup will launch next, although he provided some hints. Large U.S. cities with the right population density and more temperate weather are at the top of the list.

Revel is targeting about 10 cities by mid-2020, Reig added.

How that growth occurs, and who is behind its operations, is what Reig believes differentiates Revel from other shared electric vehicle providers such as scooter startups that have had a record of deploying in cities before getting approval from local authorities.

Many startups in the shared industry, including Revel, talk up their focus on safety and desire to be responsible partners with cities. Revel’s choice of vehicle — along with a few other decisions — helps it stick to those promises.

“These mopeds are motor vehicles,” Reig noted. “This means there’s no regulatory gray area: you have to have a license plate. To get that license plate you have register each vehicle with the Department of Motor Vehicles in each state and show third-party auto liability insurance. And then because it’s a motor vehicle, it’s clear that it rides in the street, so we’re completely off sidewalks.”

Revel caps the speed of its mopeds to 30 miles per hour. The company also provides two helmets — and single-use liners — on every ride and requires users to be licensed drivers aged, 21 or older who pass an initial safe driving history check. About one out of every 12 applicants does not make it past this screening, according to Revel.

Any concerns about users bypassing the protective headgear are largely erased because both New York and Washington D.C. have helmet laws, Reig said.

No giga workers

The company, unlike most on-demand mobility startups, does not have any gig economy workers either. Revel only has full-time employees, said Reig, adding that it’s decision he intends to stick with it even as his company grows.

“We don’t use gig economy in anything we do and I see a ton of value in that,” Reig said. “We need a well-trained workforce that is really committed and cares about the vehicles, because if not it’s something we’re going to be throwing out every 60 days.”

Revel’s shared mopeds have a 3-year asset life, Reig said based on their in-house estimates. To ensure the mopeds last, which has become a key factor in the unit economics of shared mobility businesses, they remain on street.

The mopeds are removed by employees for routine maintenance that occurs every four to six months. Otherwise, the mopeds aren’t loaded into vans by gig economy workers who make money by charging them up — a common practice with the small stand-up scooters that have inundated cities like San Diego and San Francisco. Instead, employees swap out the batteries on the mopeds, which have a range of about 50 miles.

20 months and 1,400 scooters

The idea for Revel was borne out of Reig’s travels to Buenos Aires, Argentina, where he witnessed locals on every form of two-wheeled vehicle.

“A sort of light bulb went off my head, and I asked myself, ‘why is it not a thing in the U.S?,” Reig told TechCrunch in a recent interview. “I came back to New York, started studying the market more and saw all these electric moped operators had been popping up in Europe over the last few years and just realized that if I don’t do it, somebody else will.”

The company started with a small pilot of 68 mopeds in a few neighborhoods within Brooklyn. In May, after a nine-month pilot, Revel pulled the original mopeds it used in its limited pilot and has replaced them with 1,000 new models built for two riders and equipped with kickstands for parking. With more mopeds in its fleet, Revel expanded the service to more than 20 neighborhoods in Brooklyn and Queens. In August, Revel launched its service in Washington D.C., where there are now more than 400 mopeds.

Revel rides cost $ 1 per person to start, followed by $ 0.25 per minute to ride and $ 0.10 per minute while parked. Revel says it will cut the cost by 40% for eligible riders — and give them a $ 25 credit — through its Revel Access program. Riders who use public assistance programs like SNAP or live in NYCHA housing are eligible for the program.


TechCrunch

Nio delivered just 837 electric vehicles in July, a nearly 38% drop from the previous month that was largely caused by a voluntary recall of its high-performance ES8 SUV.

The Chines automotive startup issued a voluntary recall in June of nearly 5,000 ES8 SUVs after a series of battery fires in China and a subsequent investigation revealed a vulnerability in the design of the battery pack that could cause a short circuit. The recall affected a quarter of the ES8 vehicles sold since they went on sale in June 2018.

Nio was able to complete its recall for the 4,803 ES8s by prioritizing battery manufacturing capacity for this effort, which significantly affected our production and delivery results, NIO founder, chairman and CEO William Li said Monday in a statement.

“On the positive side, we completed the ES8 battery recall in approximately half the time compared to our original timeline,” Li said, adding that the customer confidence is returning. “Looking ahead, with battery capacity allocation back to normal, we will accelerate deliveries and make up for the delivery loss impacted by the recall.”

Nio expects August to be a “much stronger month” with a target to deliver between 2,000 and 2,500 vehicles, according to Li. That’s a considerable jump from what Nio has been able to achieve in the past several months, even without the added battery recall problem.

Nio delivered 1,340 vehicles in June, 1,089 in May and 1,124 in April. As of July 31, 2019, aggregate deliveries of the Company’s ES8 and ES6 reached 19,727 vehicles, of which 8,379 vehicles were delivered in 2019.

Deliveries of the ES8 initially surpassed expectations, but they have since slowed in 2019. Now, Nio will have to double deliveries in August to meet its target.

Other factors, and ones that might prove more chronic, also affected delivery numbers in July. Li noted that anticipated reductions in EV subsidies and macroeconomic conditions in China such as a decline in passenger vehicle sales and the U.S.-China trade conflict as other causes.

The souring economic picture in China has already prompted Nio to cut its workforce by 4.5%, shift its vehicle production plans and reduce R&D spending. Nio reported in May a loss of $ 390.9 million in the first quarter from a slowdown in sales that was primarily driven by the EV subsidy reduction in China and macroeconomic trends in the country that have been exacerbated by the U.S.-China trade war, Li said at the time.


TechCrunch

Ride-sharing and transportation platform Didi Chuxing announced today that it has formed a joint venture with BP, the British gas, oil and energy supermajor. to build electric vehicle charging infrastructure in China. The charging stations will be available to Didi and non-Didi drivers.

The news of Didi and BP’s joint venture comes one week after Didi announced that it had received funding totaling $ 600 million from Toyota Motor Corporation. As part of that deal, Didi and Toyota Motor set up a joint venture with GAC Toyota Motor to provide vehicle-related services to Didi drivers.

BP’s first charging site in Guangzhou has already been connected to XAS (Xiaoju Automobile Solutions), which Didi spun out in April 2018 to put all its vehicle-related services into one platform.

XAS is part of Didi Chuxing’s evolution from a ride-sharing company to a mobility services platform, with its services available to other car, transportation and logistics companies. In June, Didi also opened its ride-sharing platform to other companies, enabling its users to request rides from third-party providers in a bid to better compete with apps like Meituan Dianping and AutoNavi, which aggregate several ride-hailing services on their platforms.

Didi says it now offers ride-sharing, vehicle rental and delivery services to 550 million users and covers 1,000 cities through partnerships with Grab, Lyft, Ola, 99 and Bolt (Taxify). The company also claims to be the world’s largest electric vehicle operator with more than 600,000 EVs on its platform.

It also has partnerships with automakers and other car-related companies like Toyota, FAW, Dongfeng, GAC, Volkswagen and Renault-Nissan-Mitsubishi to collaborate on a platform that uses new energy, AI-based and mobility technologies.

In a press statement, Tufan Erginbilgic, the CEO of BP’s Downstream business, said “As the world’s largest EV market, China offers extraordinary opportunities to develop innovative new businesses at scale and we see this as the perfect partnership for such a fast-evolving environment. The lessons we learn here will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.”


TechCrunch

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