(Yicai Global) Sept. 5 -- BYD denied that the Chinese new energy vehicle maker plans to raise the prices of a number of its car models, using its official Weibo account to brand the claim as “untrue.”

A screenshot circulated on social media yesterday suggesting that due to a sharp rise in raw material prices and a decline in NEV purchase subsidies, BYD will hike the cost of some models in its lineups named after Chinese dynasties, marine animals and others by between CNY6,000 and CNY10,000 (USD865 and USD1,442).

The lineups in question cover all of BYD’s non-fuel-powered passenger cars. BYD has raised prices of these models twice so this year -- in January and again in March -- putting the increases down to higher raw material costs and other factors.

China’s top NEV seller, BYD was also No. 1 worldwide for NEV sales in the first half. The Shenzhen-based company sold 983,800 NEVs in the first eight months, up 164 percent from a year earlier, with August sales surging 155 percent year on year to 174,900.

Editor: Peter Thomas