Research In Motion Ltd will sell one of its two corporate jets as part of an effort by the embattled smartphone maker to save $1 billion in annual costs throughout its operations, a report said on Tuesday.

The BlackBerry maker has put its nine-passenger jet up for sale, looking to fetch some $6 million to $7 million, Bloomberg News reported, citing unidentified sources with knowledge of the matter. RIM will hold on to its 14-passenger jet.

A company spokesperson was not immediately available to comment on the story.

Overall, Waterloo, Ontario-based RIM is looking to save some $1 billion in operating costs this year through efficiencies, including layoffs, as its BlackBerry smartphones loses market share and losses mount.