Team Nokia-Renault draws up navigation plan

Nokia Corp. is reportedly teaming up with Renault in the navigation arena, co-branding a set of Renault Twingo cars that will go on sale later this month packed with Nokia's navigation system and handsfree equipment.

"Navigation is a new and fast growing industry and we are also looking for new ways to operate there," said Nokia's spokeswoman Eija-Riitta Huovinen as quoted by a Reuters report.

Early this week (Oct 3), Nokia announced its intention to purchase Navteq, a provider of digital map information for navigation systems, for about $8.1 billion.