Continental sells mycar Tyre & Auto to Tuhu
Sydney, Australia – Continental has announced the sale of its subsidiary mycar Tyre & Auto, one of the largest tire, automotive service and repair chains in Australia, to Tuhu, a leading Chinese automotive service platform. The transaction is based on an enterprise value of 403 million Australian dollars (approx. 250 million euros). The transaction marks another step in Continental’s strategic focus on its core business to develop and manufacture tires. Under Tuhu’s ownership, mycar Tyre & Auto will have an owner with a strong focus on automotive services, providing a solid platform for the business to continue its growth and realize its potential. 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 tire 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 organization in Australia and the continued distribution of our tires 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.
Continental acquired mycar Tyre & Auto in 2018 to expand its distribution network in Australia and strengthen its global presence in the tyre market. Since the acquisition, Australia has developed into an established and important market for the company. At the same time, Continental has built its own strong and highly capable sales organization in Australia over recent years.
Under Continental’s ownership, mycar Tyre & Auto has steadily strengthened its market position in Australia over the past eight years through an expanded store network, a broader product portfolio and an enhanced market presence. The partnership between Continental and Tuhu creates opportunities for closer cooperation in the future. Following the completion of the transaction, mycar Tyre & Auto will remain a distribution partner of Continental in Australia and will continue to sell Continental tires there.
With around 280 stores across Australia, mycar Tyre & Auto offers a comprehensive range of automotive services, including scheduled maintenance, tires, brakes, suspension, batteries and general mechanical repairs. The company has more than 1,600 employees in Australia, making mycar one of the largest employers in the automotive service and repair industry.