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July 21, 2015

TomTom Q2 flat, signs smart car partnership with Bosch

Venture wants to develop near real-time maps with first solutions expected in the second half of 2015.

By Joao Lima

TomTom signed a partnership with Bosch to improve up to the minute traffic information, as its Q2 results revealed to be flat.

The companies have come together to foster developments on mapping technology for automated driving.

TomTom has been tasked with designing the necessary maps, while Bosch will be defining the specifications these maps have to meet.

The firms are trialling the technology in automated vehicles Bosch is testing on public roads in Germany and the US.

The company also reported its Q2 results today, revealing a drop in net profit from €9 million to €3 million. Year-on-year sales revenues were 5% up from €252 million in Q2 2014 to €264.6 million this last quarter.

Harold Goddijn, CEO at TomTom, said: "We expect to have fully replaced our map-making system with a transaction-based platform that will enable near real-time maps, in the second half of 2015."

The company added it still "expects revenue to grow to around €1 billion" by the end of 2015.

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