[THE INVESTOR] SoCar, the nation’s No. 1 car-sharing service firm, has established a joint venture in Malaysia with SK Corp., the company’s second-largest shareholder, Dong-A Ilbo reported on May 16.
The JV is scheduled to launch its car-sharing service using a mobile app in the Southeast Asian country from 2018, the report said.
“Kuala Lumpur is similar to Seoul with many vehicles and lots of traffic. SoCar’s business model will be adequate for the market,” a SoCar spokesperson was quoted as saying.
SoCar, established in 2011, has been expanding its presence in Korea with 6,400 registered cars and 2.5 million users.
The SK affiliate acquired a 20 percent stake in the company for 59 billion won (US$52.76 million) in 2015. Over the past few years, SoCar’s value has more than doubled to 450 billion won.
SK Networks, SK’s rental car service unit, also signed a memorandum of understanding for vehicle maintenance with SoCar in February this year.
By Song Seung-hyun (email@example.com)