(Yicai Global) Aug. 28 -- Stuttgart's car maker Daimler has chosen China's map provider Navinfo as its exclusive navigation tools supplier in the Chinese market for the next seven years.
Navinfo and Daimler signed a sales agreement, under which the former will provide the latter with electronic mapping services for Daimler's passenger vehicles put into mass production between 2020 and 2024, the Beijing-based software firm said in a statement yesterday.
The deal will help Navinfo to increase its stakes in the vehicle-mounted navigation market and enhance its leading position in the smart vehicle location services.
Last year in November, Navinfo partnered with Germany's BMW to provide its China-oriented series of MINI and Rolls-Royce with positioning tools.
Tencent Holdings is Navinfo's second-largest shareholder, and these two companies jointly hold equities in HERE International, a mapping company that is affiliated to Germany's three auto giants of Volkswagen, BMW, and Daimler.
Editor: Emmi Laine