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Article: When luxury becomes a necessity, Navteq grows; Carmakers starting to offer navigational units for mid-priced vehicles.(mapping systems in automobiles)
- Article from:
- Crain's Chicago Business
- Article date:
- September 19, 2005
- Author:
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Copyright informationCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: SHRUTI DATE SINGH
Automakers are starting to offer navigational systems on trucks and mid-priced cars, creating a clear path to growth for Navteq Corp.
The Chicago computer mapping firm got 82% of its $392.8 million in revenues last year from the automobile industry, which so far has mostly offered navigation systems in luxury cars and high-priced sport-utility vehicles. Its largest customer is BMW A.G., whose pricey German imports account for 16% of Navteq's revenues.
The problem-and the opportunity-is that luxury cars, selling for $50,000 and up, account for only about 2% of automobiles sold in North America.
As more automakers begin offering mapping ...
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