During its Q1 earnings conference call today, Navteq announced TomTom One Europe will no longer be using Navteq maps from Q3 onwards. TomTom One being the best seller PND worldwide and its biggest market in Europe, this is definitely a large contract lost to TeleAtlas. It looks like the pricing environment remains very competitive between TeleAtlas and Navteq.
Questioned about the impact of this loss, Judson Green, President and Chief Executive Officer added: « Revenue was meaningful but not a 10% customer ».
At the same time Navteq announced it has signed with Medion a multi years agreement for its PND solutions.