After 8 years, SOCAR car-sharing platform is shutting down in Malaysia
On-demand car sharing platform, SOCAR is shutting down in Malaysia after 8 years of operations. Users have recently received messages and notification in the app, informing that the service will end on 31st August 2026. If you have remaining Wallet balance with the platform, you are able to request for a full refund. Effective today, […]
Source: SoyaCincau · August 16, 2026 at 7:23 PM · AI-assisted report
KUALA LUMPUR, 17 AUGUST 2026 —
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SOCAR to Shut Down Malaysia Car-Sharing Service After 8 Years
Market Impact
KUALA LUMPUR — On-demand car-sharing platform SOCAR will cease operations in Malaysia on Aug. 31, 2026, after eight years in the market, the company announced Friday. Users have received in-app notifications informing them of the shutdown, with instructions to request full refunds for any remaining wallet balances. Effective immediately, the SOCAR app will no longer accept new wallet top-ups or monthly pass subscriptions, though existing subscriptions will be refunded on a prorated basis.
SOCAR, which operates as a peer-to-peer car rental service, will discontinue its Malaysia operations while its sister platform, TREVO—a car-sharing service akin to an "Airbnb for vehicles"—will remain available. Unlike SOCAR’s fleet-based model, TREVO allows vehicle owners to rent out their cars for weekend or holiday trips. Launched in 2018, SOCAR deployed a fleet of vehicles across key locations such as condominiums, shopping malls, transport hubs, and hotels, enabling hourly rentals via its app. The service was positioned as a complement to e-hailing and public transport, offering an alternative to car ownership.
The shutdown comes amid a strategic shift by South Korea’s SK Inc., SOCAR’s largest shareholder, which recently acquired the stakes held by financial investors in SOCAR Mobility Malaysia. The deal, reported by Korea Economic Daily, involved a USD 6 million (about RM 25 million) debt swap, allowing investors to exit ahead of a planned initial public offering that did not proceed. SK Inc. entered Malaysia’s mobility sector in 2017 through a joint venture with SOCAR and assumed management control in 2020. In 2021, private equity firm EastBridge Partners and Sime Darby Berhad invested KRW 65 billion in the company, which was then valued at KRW 250 billion. By 2023, SOCAR Malaysia had 1.9 million members and controlled over 90% of the country’s car-sharing market.
The exit of SOCAR leaves Gocar as the next closest alternative in Malaysia’s car-sharing space. The shutdown also marks the end of SOCAR’s operations in Malaysia, though its services remain available in South Korea, including Koro, a platform catering to foreign drivers.
Industry observers suggest the withdrawal reflects broader challenges in sustaining profitability in Malaysia’s mobility sector, despite SOCAR’s early dominance. The company’s decision to halt operations comes as the market faces increasing competition from ride-hailing services and traditional car rental providers. Users with outstanding balances or subscriptions are advised to act promptly to secure refunds before the Aug. 31 deadline.
The closure underscores the volatility of the sharing economy in Malaysia, where high operational costs and regulatory hurdles have posed persistent challenges for mobility startups. While TREVO will continue, the loss of SOCAR’s fleet-based model removes a key option for short-term vehicle access. The long-term impact on Malaysia’s car-sharing ecosystem remains uncertain as consumers and businesses adapt to the changing landscape.
Related: Sime Darby