Continental sells Australian tyre and auto service network for €250m

Continental has announced the sale of mycar Tyre & Auto, its tyre and auto service subsidiary in Australia, to Chinese automotive service platform, Tuhu.

The deal is valued at around 403 million Australian dollars (c.€250 million) and is part of global restructuring plans by Continental to operate primarily in the development and manufacturing of tyres.

Tuhu will take responsibility of all 1,600 employees and around 280 stores of mycar Tyre & Auto.

Continental acquired mycar Tyre & Auto in 2018, and said it will continue to work with the network as a distribution partner.