Luxury European automakers Audi, BMW and Daimler have teamed up to acquire Nokia's mapping and location services business for 2.8 billion euros ($3.1 billion). The three companies will hold equal stakes in the unit, called Here, and have agreed not to seek a majority interest. Here's mapping technology is expected to play a huge role in the development of driverless cars. "Here will be able to offer users a continuously improving product, bringing highly automated driving and location based services a step further," board members from the three companies said in a statement. The automakers pledged to keep Here's management team in place, and to keep the service open to all customers. The deal is subject to regulatory approval. Uber reportedly also made a bid worth as much as $3 billion a few months ago for the Nokia (NOK)unit, which currently provides mapping and location data for nearly 200 countries in over 50 languages. Nokia's mapping technology is already used by a number of automakers -- its maps can be found in roughly 80% of cars with integrated in-dash navigation systems in North America and Europe. Having real-time information can help drivers avoid road hazards -- icy streets, for example, and potential traffic jams, possibly reducing the risk of accidents. Plus, it helps automakers reduce their reliance on Google (GOOG) maps. By Sophia Yan