Pierre Karl Péladeau may be interested in restarting Teo Taxi if industry rules changed
The head of media conglomerate Quebecor Inc. has confirmed his personal financial interest in restarting insolvent electric transportation firm Teo Taxi, provided that certain rules about the industry are changed.
Pierre Karl Péladeau tweeted his interest Tuesday, saying that as one of the service’s original customers, he has always believed in electric mobility and its potential for Quebec.
However, he later warned that rules surrounding pricing should change, pointing to how Uber doesn’t operate according to the same rules as taxi companies.
Some 400 drivers have been unemployed since Teo Tax ended its service because the company was not profitable and the shareholders didn’t want to inject new funds.
Teo Taxi is part of Taxelco, which also owns Teo Techno as well as Taxi Diamond and Taxi Hochelaga. One of the founders, Alexandre Taillefer, says he hopes the company can be relaunched.
According to a Friday court filing by the National Bank, one of the creditors, the debts of Taxelco and Teo Taxi are nearly $25 million, including almost $10.2 million tied to the bank.
© 2019 The Canadian Press