Apple's car navigation plans hit Harman and Garmin shares
June 13 , 2012
Shares of Harman International Industries plummeted by some 10 percent on Tuesday following Apple’s announcement of plans to offer voice activated real-time traffic updates and turn-by-turn navigation in cars.
Harman, known for its audio devices, also makes car navigation products for carmakers such as Volkswagen AG's Audi and Daimler's Mercedes.
Shares in car navigation system maker Garmin also fell after Apple announced it would enter the market by integrating its Siri voice application into car navigation systems.
Dutch vehicle navigation systems maker TomTom is likely to benefit from Apple's move as it has signed a deal to license its maps to the company.