German Carmakers Poised to Buy Nokia’s Digital Mapping Service

Audi, BMW and Daimler have agreed in principle to buy HERE, the Nokia Corp. digital mapping service, for more than €2.5 billion, according to media reports.

The companies are eager to outbid such rivals as Apple, Google and Uber Technologies to gain control of location systems that will be needed in future connected and self-driving cars. The Wall Street Journal describes HERE as having the world's most advanced digital mapping service.

Assuming the purchase goes through, the three German carmakers envision the service being run as an open platform, according to Journal sources. They plan to invite investments in HERE by such companies as Fiat Chrysler Automobiles, Ford, General Motors, PSA Peugeot Citroen, Renault and Toyota.

Nokia created HERE out of the Navteq mapping service it acquired in 2008 for about €7.4 billion. More than half the unit's €970 million in revenue last year came from sales to the auto industry.