FRANKFURT (Reuters) - German chipmaker Infineon expects the semiconductor industry to recover only in 2020, with no sign of recovery yet in the strategically important Chinese auto market, Chief Executive Reinhard Ploss said on Thursday.

“The market environment remains challenging, cyclical pressures are persisting, and we continue to steer our course through what feels like the bottom of an ordinary semi downcycle,” Ploss told analysts on a conference call.

Infineon reported in-line revenue and profit in the fiscal third quarter and confirmed its earlier-reduced guidance that revenue would grow 5% in the business year to Sept. 30.