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TomTom Wins Deal to Provide Volvo Cars With Maps, Data

TomTom Wins Deal to Provide Volvo Cars With Maps, Data

By Reuters | Updated: 8 June 2016 12:08 IST

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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.

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Other TomTom customers include Volkswagen, Uber and Apple.

TomTom's shares are down more than 30 percent so far this year, declining sharply during the January market sell-off and again in February after issuing a forecast for 5 percent sales growth in 2016 that fell short of market expectations.

© Thomson Reuters 2016

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