After 8 years, SOCAR car-sharing platform is shutting down in Malaysia
The company told users it will stop accepting wallet top-ups and new monthly passes from today; existing subscriptions will receive prorated refunds. Users can still request full refunds of any remaining wallet balances…
Source: SoyaCincau · August 16, 2026 at 7:23 PM · AI-assisted report
Corroborated
KUALA LUMPUR, 17 AUGUST 2026 —
The company told users it will stop accepting wallet top-ups and new monthly passes from today; existing subscriptions will receive prorated refunds. Users can still request full refunds of any remaining wallet balances before the service ends. TREVO, SOCAR’s peer-to-peer car-sharing service, will continue operating in Malaysia.
Market Impact
Launched in 2018, SOCAR positioned itself as a flexible alternative to car ownership by deploying a managed fleet of cars across condominiums, malls, transport hubs and hotels, rentable by the hour and controlled via its app. At its 2023 peak it counted 1.9 million members and held more than 90% of Malaysia’s car-sharing market, according to SK Inc, SOCAR Mobility Malaysia’s largest shareholder.
The shutdown follows a corporate restructuring. SK Inc bought out all financial-investor stakes in SOCAR Mobility Malaysia for about USD6 million (RM25 million) in debt-for-equity swaps, Korea Economic Daily reported on Aug 5 2026. The move allows investors to exit after SOCAR’s planned initial public offering did not proceed.
SK Inc entered Malaysia’s mobility market in 2017 through a joint venture with SOCAR and took management control in 2020. In 2021, private equity firm EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion in the company. Sime Darby’s exit was part of SK Inc’s plan to consolidate control ahead of the shelved IPO.
SOCAR continues to operate in South Korea and offers Koro for foreign drivers. In Malaysia, the closest remaining alternative to SOCAR is Gocar.
Related: Sime Darby