Audi, BMW, Mercedes buy Nokia’s digital mapping service

Car manufacturers are working towards developing autonomous or self-driven cars. German auto majors — Audi, BMW and Daimler — have decided to buy Nokia's Here digital mapping business. The mapping system, that uses cloud technology to build maps, will be bought for 2.8 billion euros. Monetarily, each mentioned automaker plans to hold an equal stake in Here.

Dieter Zetsche, chairman of the board of Daimler said, “High-precision digital maps are a crucial component of the mobility of the future. This technology is said to be the basis for new assistance systems and ultimately for fully autonomous driving. "

The carmakers plan to combine precise digital maps with real-time vehicle data more closely.

Sean Fernback, president, Here, said, "The new ownership structure of Here will allow us to accelerate our strategy, further scale our business and fulfill our intent to become the leading location cloud company across industries."