Socar to Add 800 Tesla Model Y Vehicles…Accelerating Expansion of Electric Fleet

BYD Atto 3 to Be Added
EVs to Account for 14% of Total Fleet by Year-End

Socar announced on August 13 that it plans to introduce vehicles such as the Tesla Model Y and BYD Atto 3 by the end of September, aiming to increase the proportion of electric vehicles (EVs) in its total fleet to approximately 14% by the end of the year.

Socar will first supply about 500 units of the Tesla Model Y by the end of this month. An additional 300 units will be introduced by the end of September, one month later. Once the process is complete, Socar will have a total of around 1,000 Tesla vehicles in its fleet. Earlier this year, Socar also introduced about 100 units of the Model S and Model X, both supporting autonomous driving (FSD).

Socar Black Label. Socar

The newly added Model Ys will all be operated under Black Label, Socar's premium car-sharing service. Some of these additional Tesla Model Ys will be stationed at the Socar Terminal, an offline hub in Jeju, to meet the rising demand from both domestic and international tourists each year.

In early September, around 100 units of the BYD Atto 3 will also be added. Socar aims to allow users to directly compare and experience a variety of electric vehicles available on the market in their daily lives. Currently, Socar operates around 20 different types of electric vehicles.

Since first introducing electric vehicles to its car-sharing service in 2016, Socar has continued to increase the proportion of EVs every year. The compound annual growth rate (CAGR) of its electric vehicle fleet reached about 25% by the end of last year. As of the second quarter of this year, the number of electric vehicles in operation increased by 59% compared to the same period last year.

Despite rising fuel prices, Socar maintained its policy of offering free driving rates for electric vehicles, thereby attracting user demand. In the second quarter of this year, the average usage time per electric vehicle reservation was 27 hours—twice that of internal combustion engine vehicles. With the free driving policy, 84% of electric vehicle rentals recorded driving distances of over 100 kilometers.

Donghwa Ahn, Head of Car-Sharing at Socar, stated, "We have noticed a continuous increase in demand for electric vehicles such as Tesla, BYD, and Ioniq across all age groups. By expanding our choices from premium sedans to SUVs and value models, we want to offer users flexible options to select the electric vehicle that best matches their budget and needs. That is why we are expanding our EV fleet."

This content was produced with the assistance of AI translation services.