Renesas Electronics Corp, the world’s biggest maker of microcontrollers for cars, is trying to cut 14,000 jobs in order to raise $1.3 billion.

Although the plan has not been finalized yet, the pressure is on the struggling Japanese company to eliminate nearly one quarter of its workforce. Renesas has also been reported to consider selling its semiconductor factory in Japan to Taiwan Semiconductor Manufacturing Co, according to Nikkei newspaper.

No one at Renesas have commented publically on this matter.

The company has presented a draft of cutting more than 10,000 jobs to its workers’ union and lenders, according to Bloomberg News. The plan may see a revision before being presented to its main shareholders Hitachi Ltd., Mitsubishi Electric Corp., and NEC Corp. next week.

Renesas was a victim of natural disasters in Japan and Thailand, which resulted in forced closures of its eight factories. In the financial year to end-March, the company posted a 62.6 billion yen net loss, according to Reuters. Bloomberg News reported that Renesas lost about 35 present of its market value since May 9.