We reported yesterday that Google may upset the entire GPS market. Hours later, they did. Personal navigation stocks went into freefall yesterday after Google announced it would bring turn-by-turn navigation to its mobile Google Maps apps.
According to The Wall Street Journal, Garmin shares lost 16% of their value, and TomTom dropped 20%. Google’s new mobile maps will allow flexible searching for addresses, voice-search, traffic, along-the-route search, satellite view, street view, and even a special car-dock mode for people who feel like mounting their smartphones to a car dash. With all that packed into your phone, there’s little reason to throw a few hundred bucks at a PND like Garmin’s Nuvi.
Verizon’s Droid phone is the first to sport Google Maps Navigation because it runs Android version 2.0, codenamed Eclair.