Just a third of Chinese automakers met their annual sales goal in 2023 as competition in the world’s largest car market heats up, reports Caixin. Only four of the 13 brands that have disclosed annual sales figures so far accomplished their targets, led by electric-vehicle (EV) maker Li Auto Inc., which delivered 376,030 vehicles in 2023—exceeding its original goal of 300,000 by 25%.
BYD met its ambitious 3 million target, selling 3.01 million cars in 2023—in the process overtaking Tesla Inc. as the world’s top-selling EV-maker. The Shenzhen-based company’s rise to dominance with a broad lineup across most price points is squeezing some smaller players as it gobbles up a bigger share of the market.
Geely Automobile Holdings Group Ltd. is so far the only traditional established automaker to meet its annual target, though its EV brand Zeekr delivered only 85% of its sales goal.