March 27, 2019 / 1:55 PM / 3 months ago

Infineon cuts 2019 outlook as China car demand drops

FRANKFURT, March 27 (Reuters) - German chipmaker Infineon on Wednesday cut its outlook for 2019 for the second time in as many months, as declining vehicle sales in China, the world’s largest car market, are expected to deal a blow to its automotive division.

Sales are now expected at 8.0 billion euros ($9.0 billion) in the current year, plus or minus two percent, Infineon said, an increase of 5.2 percent compared with the previous year. It previously expected sales to grow by 9 percent.

Shares traded 6 percent lower at 1353 GMT. ($1 = 0.8888 euros) (Reporting by Christoph Steitz Editing by Tassilo Hummel)

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