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TomTom beats expectations as auto sector sales rebound

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Dutch navigation and digital mapping company TomTom reported quarterly earnings far exceeding expectations, driven by a recovery in automotive demand and tighter cost management. The company posted an operating profit of 8.4 million euros in the third quarter, sharply higher than analysts’ consensus of 2 million euros and a marked improvement from the 4.1 million euro loss recorded a year earlier.

Following the announcement, TomTom’s shares surged over 7% in early Amsterdam trading. CEO and co-founder Harold Goddijn attributed the strong results to a mix of growing automotive revenues and cost discipline, highlighting that process standardization across customer operating systems has increased efficiency and predictability.

In June, TomTom announced plans to cut 300 jobs as part of an AI-driven restructuring strategy aimed at streamlining operations. The firm’s automotive location technology unit, its largest division, was the only one to post revenue growth — a 2% increase — as global carmakers step up investment in navigation and self-driving technologies.

Despite lingering uncertainty in the car market, Goddijn noted a renewed appetite for automation among manufacturers in Japan, China, Europe, and the United States. While its consumer GPS products continue to see slowing demand, TomTom’s app remains profitable, supporting the development of its high-definition maps and connected driving systems.

Von der Leyen Calls for Europe-Wide Push on AI-Powered Cars to Revive Auto Industry

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European Commission President Ursula von der Leyen has urged the European Union to embrace an “AI first” strategy for the automotive sector, calling for a coordinated effort to develop self-driving cars made in Europe. Speaking at Italian Tech Week in Turin, the continent’s automotive capital, she argued that artificial intelligence could rejuvenate Europe’s car industry while enhancing road safety and sustainability.

“Self-driving cars are already a reality in the United States and China. The same should be true here in Europe,” von der Leyen said, emphasizing that “AI first” must also mean “safety first.” Her comments reflect growing concern in Brussels about the competitiveness gap between European automakers and tech-led rivals abroad, particularly in the U.S. and China, where AI-driven mobility is advancing rapidly.

Von der Leyen proposed creating a network of European cities to serve as autonomous vehicle pilot zones, noting that 60 Italian mayors have already expressed interest in joining the initiative. She pledged EU support for vehicles “made in Europe, and made for European streets,” positioning AI innovation as a cornerstone of industrial revival and regional independence.

The announcement comes amid intense pressure on Europe’s automotive sector, which employs millions of workers and faces simultaneous demands to decarbonize and digitize. Von der Leyen argued that AI-driven transport could reduce congestion, connect rural communities, and preserve jobs by enabling a new ecosystem of European-designed mobility technologies.

Also speaking at the event were Amazon founder Jeff Bezos, Ferrari and Stellantis Chairman John Elkann, and other global technology leaders—highlighting the deepening link between Silicon Valley innovation and Europe’s manufacturing transformation.

“The future of cars—and the cars of the future—must be made in Europe,” von der Leyen concluded, framing AI not as a threat but as the engine of Europe’s next industrial renaissance.

Nvidia eyes $500 million investment in UK self-driving startup Wayve

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Nvidia has signed a letter of intent to invest $500 million in Wayve, a London-based autonomous driving technology company, during its next funding round, Wayve confirmed Thursday. The move underscores Nvidia’s growing push into self-driving and follows a broader U.S.-UK technology pact to deepen cooperation in artificial intelligence.

Founded in 2017, Wayve has developed a machine-learning approach to autonomous driving that differs from conventional systems. Instead of relying heavily on pre-mapped roads, its AI learns directly from traffic patterns and human driver behavior using vehicles equipped with camera sensors.

Wayve raised over $1 billion in 2023, led by SoftBank with backing from Nvidia, while Uber invested separately in 2024. Its autonomous driving platforms already use Nvidia chips, linking its growth to the broader global AI hardware surge.

The company operates in both the UK and U.S., while expanding testing into markets such as Germany and Japan. Nvidia’s latest move comes alongside a pledge to invest £2 billion ($2.7 billion) in Britain’s AI startup ecosystem, a signal of its commitment to both mobility technology and the UK’s broader AI ambitions.