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, 15th August 2026, the SOCAR app will no longer accept Wallet top-ups and new monthly pass subscriptions. If you have an existing subscription, they will be issuing refunds on a prorated basis.
However, take note that only SOCAR will cease operations as its peer-to-peer service, TREVO, is still available in Malaysia.
Unlike SOCAR which essentially works like an on-demand car rental service, TREVO is essentially an “Airbnb” of sorts for car sharing. This is where vehicle owners (the host) can rent out their rides for weekend and holiday trips and earn money for sharing their vehicle.
SOCAR was officially launched in 2018 and unlike a typical car rental service, SOCAR deploys a fleet of vehicles across various hotspots including condominium carparks, shopping malls, transportation hubs and hotels, to make it easier for commuters to get a ride when they need to.
The best part is users can rent by the hour and everything is managed from the app including vehicle inspection, unlocking the vehicle and returning the vehicle. It was seen as a potential disruptor to car ownership as it fills a gap to complement eHailing and public transport. With the end of SOCAR in Malaysia, the next closest alternative is Gocar.
At the time of writing, SOCAR is still operational in South Korea and they have Koro that’s catered to foreign drivers.
A little over a week before SOCAR announced the end of its Malaysian car-sharing service, South Korea’s SK Inc, which is the largest shareholder of SOCAR Mobility Malaysia, was reported to be buying out the entire stake held by its financial investors.
According to Korea Economic Daily, the deal would allow the investors to exit after SOCAR Mobility Malaysia’s planned initial public offering (IPO) did not materialise. The transaction reportedly involves a USD6 million (about RM25 million) debt swap.
SK Inc entered Malaysia’s mobility market in 2017 through a joint venture with South Korea’s SOCAR and subsequently secured management rights in SOCAR Mobility Malaysia in 2020. In 2021, private equity firm EastBridge Partners and Sime Darby Berhad invested a combined KRW65 billion in the company, which at the time was valued at around KRW250 billion.
In 2023, SK said SOCAR Malaysia had 1.9 million members and commanded over 90% of Malaysia’s car-sharing market.
