Garmin shares take a knock after Apple unveils iOS6 map app
Date: Monday, June 18 @ 13:26:35 UTC
Topic:
Garmin shares fell nearly 9% following Apple's World Wide Development Conference (WWDC) unveiling of the next version of their iOS software, iOS6.
News that Apple were looking to integrate their iPhone into the vehicle plus a weakening market for marine and aviation products combined to hit Garmin's share price.
Investors are fearful that Apple's announcements could threaten Garmin's market share in the automotive sector. Garmin and TomTom have both experienced a steep decline in sales due to the upsurge in smartphone usage and they have both taken steps to move their focus from PND's to in-dash solutions to compensate.
But Apple's announcement of their 'Eyes-Free' steering wheel button has caused a stir. Audi, BMW, GM, Honda, Jaguar, Land Rover, Mercedes and Toyota have all signed up to add support for Siri and this may further erode the market for high cost in-dash navigation systems.
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