The carmaker has been looking for solid financing and new business partners after it lost a lifeline with the collapse of its tie-up with Honda.

In a stunning move, Japanese automaker Nissan announced that it plans to cease production at its storied Oppama plant and transfer its operations to reduce its costs and production capacity as part of its dramatic restructuring plans.

Nissan is closing its flagship factory in Oppama, Japan, to cut costs and moving all its production there to another plant in southwestern Japan.Vehicle production at the Oppama plant in Kanagawa Prefecture south of Tokyo,