German auto supplier Schaeffler will cut 3,460 jobs and close five sites in Europe, the company said on Tuesday, citing weakening demand for combustion-engine vehicles, slower-than-expected electric-vehicle adoption and intense competition.

The cuts affect 16 sites, including four plants in Germany and one in Belgium, with about 2,660 jobs eliminated in Germany by 2028, roughly 9% of the company's core German workforce. Schaeffler expects annual savings of about 300 million euros by 2030, with one-off costs of roughly 480 million euros, most of which will be booked in 2026.