Socar Q2 Carsharing Revenue Increases by 34%
[Asia Economy Reporter Buaeri] Socar announced on the 20th that its car-sharing revenue in the second quarter increased by 34% compared to the previous year.
During the same period, the usage time of Socar users for the car-sharing service increased by 36%.
The number of users of 'Socar Plan,' which allows users to contract on a monthly basis for a desired period ranging from 1 to 36 months, also grew rapidly.
Since its launch in October 2019, Socar Plan recorded a cumulative 4,000 contracts over 15 months until the end of last year, and conducted 3,000 new contracts in the first half of this year alone. One-third of Socar Plan users have extended their contracts and continue to use vehicles. Socar has also expanded the plan service areas from the metropolitan area to Busan, Changwon, Daegu, and Gyeongbuk this year.
Socar analyzed that the increase in demand for car-sharing, a relatively safe means of transportation in terms of quarantine and social distancing due to COVID-19, has led to this growth. Riding on the increased demand, Socar plans to expand its operating vehicles from 12,000 last year to 18,000 by the third quarter of this year.
Last year, Socar became the first domestic mobility company to become a unicorn company (an unlisted venture with a corporate value of over 1 trillion won). Socar plans to focus on expanding user-centered products and collaborations, such as expanding the ‘Bureum’ service that delivers cars to customers’ desired locations and new car plan services. Socar is preparing for an initial public offering (IPO) next year.
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Park Jae-wook, CEO of Socar, said, "The car-sharing business has grown significantly through strengthened vehicle disinfection, increased investment in vehicle safety, and user-centered product launches for users who need mobility." He added, "We will continue to grow by providing the best service to customers who want safe and convenient transportation."
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