Investing.com-- Nissan (OTC: NSANY ) Motor (TYO: 7201 ) is in discussions with Taiwan’s Foxconn (TW: 2317 ) to manufacture electric vehicles at its Oppama plant in Yokosuka, south of Tokyo, Nikkei reported on Sunday.

The plant is reportedly at risk of closure under Nissan’s ongoing restructuring plan. A source from Nissan told Nikkei that the potential partnership could save the plant from closing.

Nissan CEO Ivan Espinosa recently unveiled major restructuring plans to revive the struggling automaker, including shutting seven of its 17 global factories and cutting around 15% of its workforce.

Reuters also reported the developments, citing people familiar with the matter, adding that if Foxconn is allowed to build its own EVs at the Oppama plant, it could reduce the restructuring’s impact on the site’s 3,900 workers and suppliers.

In other news, the company on Monday announced that it plans to sell 150 billion yen ($1.03 billion) worth of convertible bonds to help fund Ivan Espinosa’s turnaround plan.

A Reuters report stated that the company is eyeing $4 billion worth of dollar and euro senior unsecured bond issuances.

Shares of the company fell 4.1% to 339.7 yen as of 05:16 GMT.