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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cmycar Tyre & Auto has developed very successfully under the Continental umbrella and is now exceptionally well positioned in the Australian market,\u201d said Dalibor Kalina, head of Continental\u2019s tyre business in the Asia-Pacific region. \u201cIn Tuhu, mycar Tyre & Auto is gaining an owner with many years of experience who will actively drive the company\u2019s 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,\u201d Kalina added.<\/p>\n\n\n\n
\u201cAustralia 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,\u201d said Min Chen, founder and CEO of Tuhu. \u201cWe 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\u2019s strong foundation established under Continental\u2019s management and its proven track record of responsible and reliable operations. By bringing Tuhu\u2019s capabilities and experience to Australia, we look forward to continuing to deliver value, choice and convenience for Australian vehicle owners,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":17548,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[48,54,1133,56],"tags":[],"_links":{"self":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/17546"}],"collection":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/comments?post=17546"}],"version-history":[{"count":1,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/17546\/revisions"}],"predecessor-version":[{"id":17549,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/17546\/revisions\/17549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/media\/17548"}],"wp:attachment":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/media?parent=17546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/categories?post=17546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/tags?post=17546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}