TNAV Telenav Inc

   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)

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