No longer a cell phone manufacturer, Nokia is hitching its future on automobiles. The company announced today that it will invest $100 million in smart car technologies through its venture capital business, Nokia Growth Partners. Nokia already has a significant presence in cars thanks to its mapping services, which are used to power GPS systems in four out of five vehicles, according to Bloomberg. The new investment will help Nokia grow its influence in the auto industry as cars become Internet-connected devices.
Nokia is just one of several tech companies that are trying to chart the automobile’s future. Google’s self-driving cars are getting more adept at handling city streets, while Apple is rolling out a version of its iOS operating system made specifically for cars later this year. Car manufacturers themselves are also working to develop smart cars—General Motors plans to sell a mostly self-driving car by the end of the decade.
Nokia completed the sale its mobile phone business to Microsoft for $7.2 billion last month.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com