Continental sells one of Australia’s largest tyre and repair chains to Chinese automotive service platform Tuhu

Continental has announced the sale of its subsidiary mycar Tyre & Auto, one of the largest tyre, automotive service and repair chains in Australia, to Tuhu, a Chinese automotive service platform. The transaction is based on an enterprise value of around 250 million euros.

All of the more than 1,600 employees and around 280 stores of mycar Tyre & Auto are part of the transaction, which is subject to regulatory approvals.

“mycar Tyre & Auto has developed very successfully under the Continental umbrella and is now exceptionally well positioned in the Australian market,” said Dalibor Kalina, head of Continental’s tyre business in the Asia-Pacific region. “In Tuhu, mycar Tyre & Auto is gaining an owner with many years of experience who will actively drive the company’s strategic direction and sustainable long-term development. Tuhu and Continental have a long-standing and strong strategic partnership in China. With our own sales organisation in Australia and the continued distribution of our tyres through the mycar Tyre & Auto network, we will ensure seamless continuity for our customers,” Kalina added.

“Australia is a highly attractive and promising market for automotive services, and mycar Tyre & Auto is a distinctive business with a strong position in this market,” said Min Chen, founder and CEO of Tuhu. “We look forward to working closely with the existing management team and employees, while continuing our long-standing partnership with Continental. As a new entrant to the Australian market from China, we are committed to adapting quickly to the local market and building on mycar’s strong foundation established under Continental’s management and its proven track record of responsible and reliable operations. By bringing Tuhu’s capabilities and experience to Australia, we look forward to continuing to deliver value, choice and convenience for Australian vehicle owners,” he added.