SOCAR

About SOCAR

SOCAR Mobility Malaysia Sdn Bhd, a car-sharing platform, commenced operations in Kuala Lumpur in 2018, marking an expansion of the South Korean mobile app service SOCAR. The initial fleet consisted of 240 vehicles, including models like the Perodua Axia, Honda City, and Mini Cooper. The company's establishment in Malaysia was a joint venture between SK Holdings and Socar Inc. Leon Foong, with a background in finance and investment at firms like JPMorgan, assumed the role of CEO, guiding the company's growth in the region.

The company operates within the mobility-as-a-service (MaaS) market, targeting individuals seeking short-term car rentals as an alternative to vehicle ownership. Its business model is centered around a mobile application that allows users to book cars by the hour, day, or week. Revenue is generated directly from these rental fees, which vary based on the car model and the duration of the booking. This model caters to a diverse client base, from urban dwellers needing a car for errands to tourists and business travelers requiring temporary transportation. The service is entirely keyless, with the user's smartphone acting as the key to unlock and lock the vehicle, streamlining the rental process.

SOCAR's service offers a fleet of vehicles accessible from designated locations across various Malaysian cities. Users can locate, book, and unlock cars through the app, which serves as the primary interface for the entire rental experience. The pricing is all-inclusive, covering petrol and insurance, which simplifies the cost structure for consumers. A distinct feature of the service is the one-way, intercity booking option, allowing users to pick up a car in one city and drop it off in another, a feature particularly useful for travel between major hubs like Kuala Lumpur and Penang or Johor Bahru. In 2021, the company expanded its offerings by acquiring a 100% stake in the online used car marketplace, TRED.