“It’s a major shock for the navigation industry.
Garmin GRMN.O sunk, TomTom fell 11 percent by 1700 GMT, while Garmin fell 4.2 percent. Shares in satnav market leaders Dutch TomTom TOM2.AS and U.S. “I’m sure Nokia’s real enemy here is Google,” said analyst Tero Kuittinen from MKM Partners. įollowing Google’s lead, Nokia, the No 1 cellphone maker, will offer free navigation on 20 million smartphones initially. BERLIN/HELSINKI, Jan 21 (Reuters) - Nokia NOK1V.HE launched free satellite navigation on its cellphones on Thursday to boost handset sales and prices, a fresh blow for satnav makers whose $25 billion market has already been hit by Google GOOG.O.
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