Go to Contents

SK Inc. to sell stake in U.S. car-sharing platform with eyes on Southeast Asia

10:27 March 16, 2023

SEOUL, March 16 (Yonhap) -- SK Inc., the holding company of South Korea's SK Group, said Thursday it is selling its entire stake in a U.S. car-sharing company as it seeks to make further inroads into the fast-growing mobility market in Southeast Asia.

SK Inc. will sell its 2.98 percent stake in Turo, a San Francisco-based peer-to-peer vehicle car-sharing company, to an existing shareholder, G Squared, for US$67.5 million, the Seoul-based company said in a release.

The transaction is expected to be completed in the first half of this year. SK had initially invested $35 million in Turo in 2017.

SK Inc. said it plans to bolster investment in car-sharing and other mobility sectors, such as electric vehicle charging and self-driving solutions, in Korea and Southeast Asia.

SK Inc. will focus on its Socar platform in Malaysia, a car-sharing service majority owned by SK, to help expand its foothold in the neighboring markets, including Indonesia that has a huge growth potential given its population of nearly 300 million, it said.

Socar Malaysia currently has the largest market share in the country.

A woman uses the Socar car-sharing platform, backed by SK Inc., at a shopping mall in Bangsar, a suburb on the outskirts of Kuala Lumpur, in this photo provided by SK Inc. on March 16, 2023. (PHOTO NOT FOR SALE) (Yonhap)



Example Type Sizing




To get the link, tap the URL.

How can we improve?


Thanks for your feedback!