Carmakers Adopt Google Maps, TomTom's Shares Nosedive

According to a Reuters report, TomTom's shares crashed after the Renault–Nissan–Mitsubishi Alliance, decided to adopt Google Maps as the navigation solution in their future car models.

The Dutch navigation company lost $584 million (€500 million) in stock value during a single day of trading, the worst day the company had on the stock market in the last seven years.

The Renault–Nissan–Mitsubishi Alliance signed a deal with Google which would require the search giant to equip the group's future car models with Google Maps- and Google Assistant-powered infotainment systems.

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