It seems I can tell you that R.E.V.s stands for Radically Engineered Vehicles (a name I came up with). Also, Figures.com has a gallery of R.E.V.s photos from the Toy Fair, plus an article about the line. (It turns out they covered the line last fall too, with an article and a gallery of early prototypes.) As they write:
The in-house concept revolves around mechanical racers and their sleek machines. In vehicle mode, the robot drivers lock into the frame, creating the chassis. Pull them back and let ’em rip. For melee combat, each cyber-soldier can be removed and geared up for battle with select pieces of the car. Doors become shoulder pads, hoods become shields. In addition, each R.E.V. features spring loaded firing weapons and their armor is interchangable with other robots in the series.
This is the first non-game toy line I’ve worked on, and it tickles my inner kid silly.