April 20, 2024

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[THE INVESTOR] Socar, operator of a South Korean vehicle-sharing app, has entered Malaysia, seeking to expand into Southeast Asian countries, the company said on Jan. 3.

This marks the first time that a Korean ride-sharing service has ventured overseas.

 

Socar in Malaysia. Socar.

“There is high growth potential for car-sharing in Malaysia, where car-sharing is a rather unfamiliar service. Like Korea, the population density in Malaysia is very high,” Socar said in a statement.

Socar has set up 120 Socar zones and is offering some 240 vehicles there.

Users can access the car-sharing service after downloading the application for 50 ringgit (13,000 won) on their smartphones, the company said.

Revenue from car-sharing services worldwide is expected to grow to $6.5 billion in 2024 from $1.1 billion in 2015, according to global market research firm Navigant Research.

Launched here in 2012, Socar operates some 8,200 vehicles at 3,200 Socar zones nationwide, with over 3.4 million members. 

By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)