Taxi industry gets $44M from Quebec government
Faced with challenge from Uber, province offers provides funding over 5-year period
Quebec is providing $44 million over five years to help modernize the province's taxi industry as it struggles to compete with the ride-hailing app Uber.
Transport Minister André Fortin made the announcement Friday in Montreal.
Fortin also announced the creation of a working group to determine whether taxi licence holders will receive compensation.
Taxi drivers paid as much as $200,000 for a licence a few years ago. They are now worth roughly $85,000.
The decline is attributed to increased competition, particularly from Uber.