The car sharing provider Teilauto is becoming a cooperative in order to raise new capital. This step is intended to preserve the company's existence and secure its future, said CEO Michael Creutzer ahead of the official launch this Friday.
According to the company, this makes it the first company in Germany to switch from a GmbH to a cooperative. The new legal form is also intended to protect Teilauto's economic development from capital interests. "We hope that we will become a cooperative with strong membership, then of course we will have equity," said Creutzer. This would ultimately help with the expansion of the vehicle fleet and the construction of new stations, for example.
