SOCAR Malaysia to Cease Car-Sharing Operations on August 31

SOCAR, the on-demand car-sharing platform, is shutting down its service in Malaysia after eight years of operations. The company has notified users through the app that the service will end on August 31, 2026.

Shutdown timeline

Users have recently received messages and notifications in the app informing them that the service will end on August 31, 2026. Effective August 15, 2026, the SOCAR app no longer accepts wallet top-ups or new monthly pass subscriptions.

For users with a remaining wallet balance, the platform allows requests for a full refund. Those with existing monthly subscriptions will receive refunds on a prorated basis.

How the service worked

SOCAR was officially launched in Malaysia in 2018. Unlike a typical car rental service, it deployed a fleet of vehicles across various hotspots, including condominium car parks, shopping malls, transportation hubs and hotels, to make it easier for commuters to get a ride when needed.

Users could rent by the hour, with everything managed from the app, including vehicle inspection, unlocking and returning the vehicle. The service was positioned as an alternative to car ownership, filling a gap alongside e-hailing and public transport. With SOCAR ending, the next closest alternative is Gocar.

Owner moves behind the exit

A little over a week before SOCAR announced the end of its Malaysian car-sharing service, SK Inc of South Korea, the largest shareholder of SOCAR Mobility Malaysia, was reported to be buying out the entire stake held by its financial investors. According to the Korea Economic Daily, the deal would allow the investors to exit after SOCAR Mobility Malaysia’s planned initial public offering did not materialise. The transaction reportedly involves a US$6 million (about RM25 million) debt swap.

SK Inc entered Malaysia’s mobility market in 2017 through a joint venture with SOCAR and subsequently secured management rights in SOCAR Mobility Malaysia in 2020. In 2021, private equity firm EastBridge Partners and Sime Darby invested a combined KRW65 billion in the company, which was valued at around KRW250 billion at the time. In 2023, SK said SOCAR Malaysia had 1.9 million members and commanded over 90% of Malaysia’s car-sharing market.

TREVO remains available

Only the SOCAR service will cease operations. Its peer-to-peer service TREVO remains available in Malaysia. TREVO works as an “Airbnb of sorts” for car sharing, where vehicle owners act as hosts and rent out their cars for weekend and holiday trips while earning from sharing their vehicle. SOCAR itself continues to operate in South Korea, where it also offers Koro, a service for foreign drivers.

FAQ

When does SOCAR Malaysia stop operating?

SOCAR Malaysia will cease operations on August 31, 2026, as notified to users through the app.

Can I get a refund for my wallet balance?

Yes. Users with remaining wallet balance can request a full refund. Existing monthly pass subscriptions will be refunded on a prorated basis.

Is TREVO still available?

Yes. TREVO, the peer-to-peer car-sharing service, continues to operate in Malaysia.

Source: Soya Cincau

Cover image generated by AI for illustrative purposes only.