Continental to sell mycar Tyre & Auto to Tuhu for A$403 million

Continental has agreed to sell its Australian subsidiary, mycar Tyre & Auto, to the Chinese automotive service platform Tuhu. The transaction is based on an enterprise value of approximately 403 million Australian dollars (roughly 250 million euros).

The deal includes mycar’s network of approximately 280 stores and more than 1,600 employees. The sale is part of Continental’s strategic decision to focus on its core business of tire development and manufacturing. While Continental is exiting direct ownership of the service chain, it will maintain its presence in the Australian market through its own sales organization and will continue to use mycar Tyre & Auto as a distribution partner for its tires.

For Tuhu, the acquisition marks its debut in the Australian market. Tuhu operates a large automotive service network in China, managing thousands of workshops and serving millions of users. The completion of the transaction remains subject to regulatory approvals.