On-demand car sharing platform, Socar is shutting down in Malaysia after 8 years of operations.
KUALA LUMPUR, Aug 15 — Users have recently received messages and notification in the app, informing th...
Users of the Malaysian on-demand car sharing platform Socar have been receiving notifications that the service will cease operations on August 31st, 2026. Those with remaining Wallet balances can request a full refund from the platform. Starting today, the Socar app will no longer accept Wallet top-ups or new monthly pass subscriptions. Existing subscriptions will be refunded on a prorated basis; however, please note that only Socar's operations will be halted, as its peer-to-peer service Trevo remains active in Malaysia.
Socar, launched in 2018, operated like an on-demand car rental service, deploying vehicles across hotspots like condominium carparks, shopping malls, transportation hubs, and hotels. Users could rent by the hour and manage everything through the app, including vehicle inspection, unlocking, and returning the vehicle. The service aimed to complement e-hailing and public transport, potentially disrupting car ownership.
The company's end signals the Gocar platform as the closest alternative in Malaysia. Socar continues to operate in South Korea under SK Inc., the largest shareholder of Socar Mobility Malaysia. SK acquired the entire stake held by financial investors last week, allowing investors to exit the company after SocarMobility Malaysia's initial public offering failed. The deal involved a USD6 million (approximately RM25 million) debt swap.
Socar Malaysia had 1.9 million members and controlled over 90% of the country's car-sharing market, as of 2023. Private equity firm EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion in the company in 2021, valuing it at around KRW250 billion.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
