Nokia has just announced the release of “Nokia 550″ in Europe market. This baby is a combination between a mobile multimedia and a portable satellite navigation device. It supports Nokia’s TMC (Traffic Message Channel) service which provides real-time traffic information via FM radio wave. Moreover, this 4.3-inch GPS allows you to receive details for the POIs(points of interest) you pass along with instant directions to the addresses stored in your contacts list.

Nokia 550 Multimedia GPS is expected to ship in the fourth quarter of this year. Price is suggested at a rate of 300 EUR.

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