On-demand car sharing platform, Socar is shutting down in Malaysia after 8 years of operations.

KUALA LUMPUR, Aug 15 — The on-demand car sharing platform, Socar, is shutting down its operations in Malaysia after a successful eight-year run. On 31st August 2026, users will no longer be able to access the Socar app, as it will cease all services. Users with remaining Wallet balance can request a full refund. The app will no longer accept Wallet top-ups or new monthly pass subscriptions.

Existing subscriptions will be refunded on a prorated basis. However, it is important to note that Socar's peer-to-peer service, Trevo, will continue to operate in Malaysia. Unlike Socar, Trevo functions like an "Airbnb" for car sharing, allowing vehicle owners to rent out their rides for weekends and holiday trips. Socar was launched in 2018, aiming to disrupt car ownership by offering an alternative to e-hailing and public transport.

The platform operates from various locations such as condominium carparks, shopping malls, transportation hubs, and hotels. Users can rent vehicles by the hour, with all processes managed through the app, including vehicle inspection, unlocking, and returning. South Korea's SK Inc, which holds the majority stake in Socar Mobility Malaysia, is reportedly buying out all the financial investors' shares, enabling them to exit the company following the cancellation of an initial public offering (IPO).

This transaction involves a USD6 million debt swap. SK Inc entered Malaysia's mobility market in 2017 through a joint venture with Socar and acquired management rights in Socar Mobility Malaysia in 2020. In 2021, EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion in the company, which was valued at around KRW250 billion at the time.

Socar Malaysia had 1.9 million members and dominated over 90% of Malaysia's car-sharing market as of 2023, according to SK Inc.