Auto giant Ford is in talks with Chinese electric car manufacturer BYD Co to sell it one of its production facilities in Germany, writes The Wall Street Journal, citing sources. The company is going to do it due to financial problems.

We're talking about the plant in Zarlouis, where the production of cars should stop by 2025. According to the Journal, negotiations are at a preliminary stage and will not necessarily lead to a deal. Rising costs for battery materials for electric cars and an expected slowdown in economic growth in the U.S. and the EU are forcing automakers to cut costs.

It was previously reported that Ford plans to lay off 3,200 people as part of a plan to cut jobs. Most of the cuts will take place in Germany, mainly in the company's administrative staff. Overall, the company is trying to figure out how to cut $3 billion in costs in order to secure the financing needed to produce electric cars.