TeleNav Up 5% After 45% Drop on Thursday and Affirmation of GM Relationship
September 06 2019 - 1:36PM
Dow Jones News
By Josh Beckerman
TeleNav Inc. (TNAV) shares recently traded up 5% to $6.09 on
Friday, a day after the stock fell 44.8% and the company said
General Motors Co.'s (GM) plan to use Google technology doesn't
alter a TeleNav/GM contract "in any way."
GM said Thursday morning it will offer Google Maps, the Google
Play app store and a voice assistant, starting in 2021. Late
Thursday, TeleNav reaffirmed its guidance and said it "has a strong
and ongoing relationship with GM, with a contract effective through
model year 2025."
GM "currently sells vehicles with two navigation solutions, of
which TeleNav's solutions are part of the one that was launched in
2017," and "TeleNav has been gaining market share within GM,"
TeleNav said.
In TeleNav's press release, Nick Richards of GM said "TeleNav
continues to provide significant infotainment solutions to General
Motors and remains a valued partner."
TeleNav also said it is working on technology for Microsoft
Corp.'s (MSFT) connected vehicle platform.
On Friday, Northland cut TeleNav to market perform from
outperform, while B. Riley maintained the company at buy and
reduced its price target to $7.50 from $10.50.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 06, 2019 13:21 ET (17:21 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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