[Edaily Reporter Lee So-Hyun ] SOCAR(403550)is set to expand its electric vehicle (EV) car-sharing service in the second half of this year by introducing approximately 800 Tesla “Model Y” vehicles and about 100 BYD “Atto 3” vehicles. With demand for EVs rising amid high gas prices and the business’s profitability now confirmed, the company’s strategy is to continue its growth momentum by broadening its EV lineup to include options ranging from budget-friendly to premium models.

SOCAR announced on the 13th 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 in its fleet to approximately 14% of the total fleet by year-end.

The Tesla Model Y will be the focus of the fleet expansion in the second half of the year. SOCAR will initially supply approximately 500 Model Ys by the end of this month and import an additional 300 of the same model by the end of September. Including existing vehicles in operation, the number of Tesla vehicles is expected to reach approximately 1,000 by the end of September.

All newly introduced Tesla Model Y vehicles will be operated as part of the premium car-sharing service “Black Label.” Black Label is a premium service that delivers vehicles—which have undergone vehicle inspections, including car washing and charging or refueling to at least 80% capacity—to the location of the customer’s choice.

Some of the additional Model Y vehicles will be deployed at the “SOCAR Terminal,” SOCAR’s offline hub in Jeju. This move is intended to meet the demand from domestic and international tourists and align with the Jeju Special Self-Governing Province’s electric vehicle transition plan. With this expansion of the Tesla fleet, the proportion of internal combustion engine vehicles at the Jeju SOCAR Terminal is expected to decrease by 14 percentage points compared to current levels.

In early September, approximately 100 BYD Atto 3 vehicles will also be introduced.

SOCAR plans to diversify its electric vehicle lineup—including domestic and imported models, compact and full-size vehicles, and options ranging from budget to premium—so that users can directly compare and experience the various electric vehicles available on the market in their daily lives.

SOCAR has also introduced models such as the KIA CORPORATION “EV3” and “EV4 Long Range,” the Hyundai “Ioniq 9,” and the Tesla “Model S” and “Model X” since the start of this year. As of 2026, there are approximately 20 different electric vehicle models in operation.

Since first introducing electric vehicles to its car-sharing service in 2016, SOCAR has increased the proportion of electric vehicles in its fleet every year. The average annual growth rate of its electric vehicle fleet stood at approximately 25% as of the end of last year. According to the second-quarter earnings report released on the 11th, the number of electric vehicles in operation increased by 59% compared to the same period last year.

The expansion of the electric vehicle fleet has also helped absorb user demand amid high fuel prices. SOCAR has maintained its policy of waiving driving fees for electric vehicles despite rising fuel costs. Electric vehicle users can use the vehicle for the rental fee paid at the time of reservation, regardless of the distance driven.

In the second quarter of this year, the average usage time per electric vehicle reservation was 27 hours, which was twice that of internal combustion engine vehicles. Eighty-four percent of electric vehicle reservations exceeded a driving distance of 100 km.

The benefits were also evident in terms of profitability. SOCAR explained that maintenance costs per vehicle were 34% lower than for internal combustion engine vehicles, while profitability per vehicle was 53% higher.

SOCAR is also running promotions to encourage the use of electric vehicles. For the Tesla Model Y, until the 28th—a period of about three weeks—SOCAR is offering a 70% discount coupon on rental fees to the first 500 customers each day (excluding Jeju) for rentals of 24 hours or more.

For short-term flat-rate passes, usage for less than 24 hours costs 129,000 won on weekdays and 159,000 won on weekends. The company also offers an early-bird benefit: if you reserve premium electric vehicles such as the Tesla Model Y, Ioniq 9, or EV9 one month in advance, you can purchase a two-day pass starting at 189,000 won.

SOCAR is also expanding into electric vehicle charging infrastructure and energy businesses. In 2024, the company signed a business agreement with LGELECTRONICS and has been collaborating on the construction of AI-based smart charging stations, primarily in Jeju. In January of this year, leveraging the Regulatory Sandbox pilot program, SOCAR launched the nation’s first pilot project integrating V2G technology into a car rental service.

V2G is a technology that feeds electricity stored in electric vehicle batteries back into the power grid. SOCAR has installed 15 bidirectional chargers and dedicated V2G parking spaces at the Jeju SOCAR Terminal and is deploying the Ioniq 9 and EV9 to validate a business model that utilizes electric vehicles as distributed energy resources.

Ahn Dong-hwa, Head of SOCAR’s Car-Sharing Division, said, “We’ve taken note of the fact that demand for electric vehicles—including Tesla, BYD, and Ioniq models—has been steadily increasing across all age groups recently.” He added, “We decided to expand our fleet to broaden the range of options—from premium sedans to sport utility vehicles (SUVs) and value-oriented models—so that users can choose and drive the electric vehicle they want from SOCAR based on their budget and purpose.”