Téo Taxi, the Montreal-based electric taxi company, announced this morning that it is closing down for good, leaving some 400 drivers without work.
The drivers received notices of dismissal on Tuesday morning, hours before Taxelco, the taxi service’s parent company announced it’s no longer sustainable.
- The City of Montreal and BIXI bikes have reached a new 10-year deal
- Jacques-Cartier Bridge illumination halted due to Montreal's extreme weather
- Montreal announces new plans to renovate downtown's Phillips Square (RENDERINGS)
- This Quebec City mall just unveiled an indoor amusement park (PHOTOS)
Taxelco, founded by Quebec businessman Alexandre Taillefer, had initially prepared to restructure the company in anticipation of placing itself under bankruptcy protection but instead opted to shut down its services.
Téo Taxi drivers claim this is the first notice they had heard of the situation.
View this post on Instagram
Last year, shareholders invested more than $17 million into Taxelco to purchase new vehicles and hire staff.
Téo Taxi service had operated in a style similar to Uber. Riders downloaded the mobile app that allowed users to order a car and view its route. All payments were made via credit card through the Téo mobile app.