Socar (403550.KS), South Korea's largest car-sharing operator, plans to raise the share of electric vehicles in its fleet to 14% by year-end, with a particular focus on expanding its Tesla lineup.
The company said on the 13th that it will add about 800 Tesla Model Y units and around 100 BYD Atto 3 vehicles by the end of September. Roughly 500 Model Y units will be introduced first by the end of this month, with about 300 more to follow by the end of next month. Including its existing vehicles, Socar's Tesla fleet will grow to around 1,000. All the newly added Model Y units will operate under Black Label, its premium car-sharing service.
Socar has been steadily expanding its EV fleet. This year, it introduced the Kia EV3 and EV4 Long Range, Hyundai's Ioniq 9, and Tesla's Model S and Model X. It currently operates about 20 EV models. As of its second-quarter results, the number of EVs Socar operates rose 59% from a year earlier.
The EV expansion is also tied to improving profitability through lower maintenance costs. In the second quarter, the average usage time per EV booking was 27 hours, double that of gas-powered cars, and 84% of EV rentals covered more than 100 kilometers. Maintenance costs per vehicle were 34% lower than for gas cars, while profit per vehicle was 53% higher.
To further boost EV usage, Socar is running large-scale promotions including discount coupons. For the Tesla Model Y, over roughly three weeks through the 28th, the company is offering coupons to the first 500 applicants each day — excluding Jeju — that provide a 70% discount on rental fees for bookings of 24 hours or more. Customers who book premium EVs such as the Tesla Model Y, Ioniq 9 and EV9 a month in advance can also receive an "early bird" benefit, buying a two-day pass from 189,000 won.
"We pursued the fleet expansion so that users can choose the EV they want according to their budget and purpose, by broadening the options from premium sedans to sport utility vehicles (SUVs) and value models," said Ahn Dong-hwa, head of Socar's car-sharing division.
