India, Sept. 24 -- Continental has announced the sale of mycar Tyre & Auto, its Australian tyre and automotive servicing subsidiary, to Chinese automotive service platform Tuhu. The enterprise value of the deal stands at AUD 403 million (approximately USD 283 million), and closing depends on regulatory clearances.

The move aligns with the German company's broader intention to sharpen its focus on developing and producing tyres. For mycar, the change in ownership brings a parent whose priorities centre squarely on automotive services, giving the chain a stable footing to keep expanding. Roughly 280 outlets and over 1,600 staff fall within the scope of the agreement.

Back in 2018, Continental bought the business as a way to widen its Aust...