Here's Why Automakers Want to Buy Nokia's Mapping Service

By Chris Neiger – Jul 28, 2015 at 2:40PM

NYSE: NOK

Nokia Oyj

Market Cap

$18B

Today's Change

(-0.90%) -$0.03

Current Price

$3.30

Price as of April 15, 2024, 4:00 p.m. ET

As the automotive industry moves closer to autonomous cars, automakers want to reclaim control over in-car navigation.

It's no surprise that automakers are continually outpaced by the tech industry. Automotive companies plan, design, and build cars on a several-year time frame -- which is a lifetime in the tech world. The proliferation of smartphone navigation -- driven by Google (GOOG -1.80%) (GOOGL -1.82%) Maps -- has taken in-car navigation out of the hands of car companies and given all the control to the tech industry.

And that's got carmakers worried. As semi-autonomous and autonomous cars become the norm, automakers want to ensure that they don't lose control over how their vehicles move around. That's why, according to a recent Wall Street Journal article, a group of automakers is looking to buy Nokia's (NOK -0.90%) HERE maps business. Click through the slideshow below to find out more about the car companies' plans.

Chris Neiger has no position in any stocks mentioned. The Motley Fool both recommends and owns shares of Apple, Google (A shares), and Google (C shares). We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.