Montreal taxi company that challenged Uber with electric fleet halts operations
Cab drivers stand beside their new fleet of electric taxis at the launch for Teo Taxi service Wednesday, November 18, 2015 in Montreal. Montreal's Teo Taxi, which sought to take on Uber with a fleet of electric vehicles, has halted operations and laid off all its drivers, a union spokesman says. A company notice shared with media said a reorganization had become unavoidable because of a lack of support from the company's principal partners, and it was with regret that the drivers were being let go. Taxelco's major shareholder is XPND Croissance, which is part of Taillefer's XPND Capital, a private equity firm. When it launched in 2015, the company said Teo Taxi would position Montreal as "a green, avant-garde city."