August 1, 2019 / 6:58 AM / 6 months ago

Siemens expects automotive weakness to linger well into 2020

FILE PHOTO: Siemens CFO Ralf Thomas attends the company's annual news conference in Munich, Germany, November 8, 2018. REUTERS/Michael Dalder/File Photo

ZURICH (Reuters) - Siemens (SIEGn.DE) expects the downturn from customers in the automotive and machine building industries to continue well into 2020, Chief Financial Officer Ralf Thomas said on Thursday.

“Currently, customers in the machine building and automotive industries, in particular, are holding back on larger investments,” Thomas told reporters on a call after Siemens posted its third quarter results.

“We’re expecting the cyclical downturn in the automotive and machine building industries to continue for the next three to four quarters,” he added.

Reporting by John Revill; Editing by Michelle Martin

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