Japanese carmakers take a hit in China

All five Japanese automakers with operations in China reported a fall in unit sales in May. The slump comes amid fierce price competition from Chinese firms and a rapid, market-wide shift to electric.

Toyota says it sold just 140,377 units. That's down 13.6 percent from a year earlier.

Honda shifted 66,202 vehicles, a steeper drop of 34.6 percent.

Nissan's sales were down by 2.8 percent, Mazda's by 20 percent, and Subaru's by 76.4 percent.

The five carmakers have been forced to review their strategies for the world's biggest auto market. Some are considering closing branches or scaling down production.