(Yicai Global) Oct. 26 -- Shares of Chinese new energy vehicle maker BYD soared to an all-time high even though the firm refused to comment on a rumored 20-percent battery price increase next month.

"BYD has no comment on the news," the Shenzhen-based firm said to Yicai Global.

BYD's stock price [SHE:002594] surged as much as 5 percent to CNY333.33 (USD52.20) intraday. The shares are more than 50 percent up this year.

The vehicle manufacturer's lithium battery unit intends to raise the prices of its products, including CO8M batteries, by at least 20 percent on Nov. 1 due to raw material price hikes, according to a screenshot of a notice that was allegedly written by BYD Lithium Battery and dated Oct. 25. The picture began to circulate on Chinese social media yesterday.

"BYD is verifying [the document's authenticity]," the firm replied to Chinese media outlets earlier today.

Many Chinese battery suppliers have raised their prices this month. On Oct. 10, Ganfeng Lithium said each ton of its lithium products will cost CNY100,000 (USD15,669) more from Nov. 9. Guangzhou-based Great Power Energy & Tech confirmed that a price hike notice, which was circulating online since Oct. 17, is true. The need for change is caused by severe raw material shortages, it added.

Some of the impacts might not be passed on. Battery manufacturers may need to pay from 20 percent to 25 percent more for their raw materials but finished vehicle makers may see an increase of 10 percent to 20 percent in battery prices due to various factors including long-term cooperation agreements and bargaining power, Tianfeng Securities wrote in a research note recently.

Moreover, battery manufacturers may be able to offset some of the impacts by improving their products' performance, the brokerage added.

Editor: Emmi Laine, Xiao Yi