(Yicai Global) Jan. 20 -- NavInfo's share price plummeted over 5 percent this morning after it denied media reports in a statement yesterday that Tesla has ceased using its map data and services.
The Beijing-based major Chinese electronic map navigation data and service provider's stock [SHE:002405] opened below the previous trading day's nadir this morning and has stayed at a low level, reporting down 5.57 percent at CNY16.68 (USD2.43) at its lowest. It bounced back a bit in mid-afternoon, changing hands for CNY17.15, but still 3.49 percent lower.Tesla China will change its map data service provider to Baidu Map, and kick NavInfo out of its supply chain, Chinese media reported online on Jan. 17.
Tesla's adjustment of online on-board navigation functions does not involve NavInfo's built-in e-map navigation data and services for Tesla, the statement claimed.
Tesla China changed its online map supplier to Baidu, whereas the company still supplies on-board map packages and NavInfo's products and services for Tesla are unaffected, the statement added.
NavInfo has been the exclusive map navigation supplier for Tesla China since the US electric vehicle maker first entered the domestic market in 2014, it said on the Shenzhen Stock Exchange's investor interaction platform at the end of December.
NavInfo has been an e-map data supplier for other top international automakers, including BMW and Daimler's Mercedes-Benz marque. Chinese internet giant Tencent Holdings is NavInfo's second-largest shareholder and Tesla's fifth-largest.
The firm develops software for navigation and digital map programs. It also manufactures chips and vehicle networking technology, and plies other businesses, public information shows.
Editor: Ben Armour