ONLY a third of Chinese automakers met their annual sales goal in 2023 as competition in the world's largest car market increases, reports Caixin.

Four of the 13 brands say they have met their targets, led by electric vehicle (EV) maker Li Auto, which delivered 376,030 vehicles in 2023 - exceeding its original goal of 300,000 by 25 per cent.

BYD met its ambitious three million unit target, selling 3.01 million cars in 2023 - in the process overtaking Tesla 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 is so far the only traditional established automaker to meet its annual target, though its EV brand Zeekr delivered only 85 per cent of its sales goal.