TomTom crack Chinese Market with joint venture

[MikeB]

TomTom and Chinese company AutoNavi have announced a joint venture whereby AutoNavi retain overall control.

This joint venture enables TomTom to gain access to mapping and other geo-located services in the Chinese market whilst AutoNavi get the introductions and opportunity to access the Western markets. Previously the mapping data in China has been difficult to obtain and had been subject to strict export controls. This meant that established SatNav companies attempting to break into the Chinese market had severe problems. This deal should help to dramatically improve the software and services that TomTom can offer to users in China.

The full press release from TomTom follows:

TomTom and AutoNavi Team up in Chinese Market

TomTom, the world's leading provider of location and navigation solutions, and AutoNavi Holdings Limited, a leading provider of digital map content and navigation and location based solutions in China, today announced the formation of a joint venture. This collaboration provides TomTom and global automotive, location based services and handset companies access to industry leading digital maps and real-time traffic services in China in a standard TomTom format.

The joint venture will be 51% held by AutoNavi and 49% held by TomTom.

"This allows our customers to have access to the highest quality map data and advanced features that exist in China within the standard TomTom format which expands on our ability to offer our customers a global solution," said Alain De Taeye, Member of the Management Board TomTom.

AutoNavi's Chief Executive Officer Mr. Congwu Cheng added, "We are very pleased to deepen our relationship with TomTom, which we are confident will open new opportunities for us to work with international automakers, system integrators and global handset makers in the future. Ultimately, this partnership will help us grow our in-dash business and further penetrate the mobile handset market."


For those of you wondering "TomTom進入中國市場且前景看好!" roughly translates to "TomTom cracks the Chinese market" in Mandarin Chinese.
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Mike Barrett

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