Shanghai (ZXZC)- Chinese leading new energy vehicle (NEV) manufacturer BYD announced on Nov. 23 that it will raise the guidance prices of some NEV models under its Dynasty and Ocean series, and DENZA brand by 2,000 yuan to 6,000 yuan ($280-$840) per car. The price cut date and details on specific models will be released in a future statement.

The company noted that the customers who put down a deposit before Jan. 1, 2023 will not be affected by the price adjustments.

Photo credit: BYD

BYD's new price increase is partly due to the hike on the prices of main battery raw materials since the second half of this year. Besides, the company's decision to lift prices also flowed from the forthcoming expiration of China's NEV subsidy policy on Dec. 31, 2022.

Prior to the latest move, BYD issued two price rises in January and March this year, respectively, both of which resulted from the rising raw materials prices.

BYD saw its monthly auto sales hit a new high of 217,816 units in Oct. 2022, surging 142.19% from the previous year. For the first ten months, the company scored a 158.52% year-on-year spike with 1,402,909 vehicles sold.

On Nov. 16, BYD celebrated its 3 millionth NEV rolling off the production line, the only Chinese local automaker to hit such milestone so far.