TeleNav is set to release their newest iOS navigation app, TeleNav GPS for Verizon, this Thursday. TeleNav GPS for Verizon will bring an affordable subscription-based turn-by-turn guidance option to Verizon customers soon to be sporting an iPhone 4.

The no cost app will provide free maps and local search options, but subscribers will have access to the full suite of turn-by-turn GPS guidance abilities seen with most other navigation apps.

TeleNav GPS for the Verizon iPhone features:

• Spoken Turn-by-Turn Directions with Street Names
• 2D and 3D Moving Maps
• Automatic Reroute
• Automatic Map Updates
• Nighttime Optimized Navigation
• iOS Multitasking Support
• Shake-to-Go
• My Favorites
• My Contacts
• Route Preferences
• iPod Control
• Automatic Listing Updates

Users will be able to subscribe for $2.99 per month or $21.99 per year. TeleNav is going to allow users an initial 30-day period to test all of the features without risk.

“We designed this app and the pricing structure to give people a choice when it comes to meeting their GPS needs,” said Sal Dhanani, co-founder and vice president of products for TeleNav. “Users can choose to use the app as a free map and local search application, or choose to upgrade and buy the advanced turn-by-turn navigation features. Our goal is to make it easy for people to find where to go and how to get there with the best choice in personalized navigation.”

“We’re constantly monitoring the accuracy and breadth of our local search,” said Dhanani. “We are committed to offering the best experience for customers as they prepare to hit the road and drive to their destination. We’ll continue to update TeleNav GPS on the iPhone 4 and offer new features to enhance our customers’ experience.”

For those who may not have picked up on it, this app bears a striking resemblance to the iOS version of AT&T Navigator. That’s simply because TeleNav is the developer behind AT&T’s navigation app for the iPhone.

It does appear that TeleNav GPS lacks the voice search feature found in AT&T Navigator v1.7i and later, but the apps do have another notable difference. AT&T Navigator has a subscription price of $9.99 per month and $69.99 per year. That’s more than 3x the cost, just for voice input? Although, this new competition may force AT&T to adjust its subscription price tags.