April 25, 2024

• 

[THE INVESTOR] Socar, Korea’s top car-sharing operator, on Jan. 3 said it has set up a new unit in Malaysia to make a foray into the Southeast Asian country. 

The firm will provide 240 cars and 120 car-sharing spots called the “Socar Zone” to start the service. The official launch event is to take place in Malaysia on Jan. 23. 

Socar chose Malaysia as its first global destination to capture the country’s high growth potential in the car-sharing business, especially in highly populated urban areas, according to the firm. Following its Malaysian debut, Socar hopes to accelerate expansion into other countries in Asia and Europe. 

“As we are off to a good start of 2018 with entering the Malaysian market, we will work harder to take a global lead in the global car-sharing culture,” said Socar CEO Cho Jung-yeol. 

For customers using Socar services in Malaysia, they must pay a registration fee of 50 ringgit (US$12.42). After logging onto the mobile app, customers can make reservations for a rental.

Socar is also planning to provide an array of car offerings from compact car to sedan and luxury vehicles and expand number of “Socar Zone,” after observing the demand. It plans to offer a long-term rental service as well.

By Ahn Sung-mi (sahn@heraldcorp.com)