TomTom wins deal to provide Volvo Cars with maps, data
[AMSTERDAM] TomTom, the Dutch navigation company, said on Wednesday it had won a contract to provide Volvo Cars with real-time maps and traffic data for its vehicles.
Terms were not disclosed, but the contract is a major win for TomTom, which competes with Google Maps and Here, the former Nokia unit now owned by Audi, BMW and Daimler.
TomTom, once known mostly for dashboard-mounted GPS systems, has won a string of contracts for its mapping technology, which it believes will play an important role as car driving becomes increasingly automated.
Other TomTom customers include Volkswagen, Uber and Apple.
TomTom's shares are down more than 30 per cent so far this year, declining sharply during the January market sell-off and again in February after issuing a forecast for 5 per cent sales growth in 2016 that fell short of market expectations.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think