Google Maps Navigation For Android Causes GPS Stocks To Plunge

by Chris Moor on Oct 28th 2009, 1:23pm

Shares in GPS manufacturers Garmin and TomTom fell today following the announcement from Google that upcoming Android handsets will include free navigation software.

Google Maps Location Android

The new Google Maps Navigation app will be included on Motorola’s upcoming Android phone, the Motorola Droid, and will provide turn-by-turn directions based on up-to-date maps and business listings from Google Maps.

The Google Maps Navigation software will also be made available to other Android devices running the newly unveiled Android 2.0 software.

Following the announcement shares of Garmin fell 17.2% to $31.88 and TomTom shares fell more than 20% to €8.11.

The Motorola Droid was unveiled earlier today at the Verizon Wireless media event in New York. The handset will go on sale from November 6th priced at $199 with a 2-year service contract with Verizon.

[via wsj.com]

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