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Navigon has exited the U.S. market for personal navigation devices, the company’s CEO confirmed Monday to the Web site GPS Business News.
Chief executive Egon Minar told the site that the move is being made because of "the difficult economic environment and the aggressive pricing." He added that the company’s Chicago office will remain open, and the German company will remain in the automotive and mobile phone businesses.
Garmin and TomTom have been slashing prices for GPS units toward the $100 mark since last year, which has left many other competitors scrambling to keep up.
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