TomTom In Mapping Joint Venture With China's AutoNavi

Dutch navigation device and digital map maker TomTom NV (TOM2.AE) said Friday it would form a joint venture with Chinese digital map maker AutoNavi Holdings Ltd. (AMAP), as it continues its push into Asia.

Financial details weren't disclosed but the firms said AutoNavi will have a 51% stake and TomTom the remaining 49%.

"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 TomTom management board member Alain De Taeye.

The firm has only recently broken into Asian markets; in June it introduced its personal navigation device in China, and last month it broke into the Singapore and Malaysian markets.

AutoNavi provides digital map content and navigation and location-based solutions in China through a comprehensive nationwide digital map database that covers approximately 2.8 million kilometers of roadway and over 12.5 million points of interest across the country.

"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," said AutoNavi Chief Executive Congwu Cheng. "Ultimately, this partnership will help us grow our in-dash business and further penetrate the mobile handset market."

Last week, TomTom said it will supply Mazda Motor Corp. (7261.TO) with a built-in multimedia and navigation device for its new Mazda5 people carrier and extended its current deal with French car maker Renault (RNO.FR) by introducing a live traffic information service, called Carminat TomTom Live, in various Renault models.

TomTom, which makes stand alone Personal Navigation Devices, or PNDs, in addition to integrated dashboard units, has been hit by plunging consumer demand for electronic products for more than a year.

The firm is trying to bolster its offerings by making its traffic software compatible for smartphones and by building a content and services franchise through its digital map maker, TeleAtlas, which it bought in 2007 for EUR2.9 billion.

By 0711 GMT, TomTom was the biggest gainer on the AEX, up EUR0.24, or 4.5% higher, at EUR5.75.

-By Roberta B. Cowan; Dow Jones Newswires; +3120-571-5200; roberta.cowan@dowjones.com

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