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TomTom Wins Deal to Provide Volvo Cars With Maps, Data

TomTom Wins Deal to Provide Volvo Cars With Maps, Data 3n3n3p

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.

were not disclosed, but the contract is a major win for TomTom, which competes with Daimler. d1vu

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 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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