Yikes. This looks bad for TomTom, and ok for Volvo, which is likely to pick up Google to fill its navigation needs.
Dutch navigation firm TomTom said on Tuesday it had lost a contract with automaker Volvo.
The company said the contract to provide location and navigation services to Volvo, which was announced in 2016, had been ended before it was due to go into force in 2019.
That fed into concerns of critics who said a deal Google made last month with Renault, another TomTom customer, meant the company risked being relegated to third place in its main market, with lower margins.
ING analysts said in a trading note that they believe the Swedish carmaker had switched to Google, rather than the current leading player in built-in mapping systems, HERE.