(Yicai Global) March 16 -- BYD said it will raise the prices of its electric vehicles for the second time in less than two months due to skyrocketing raw material costs. The Chinese carmaker follows Tesla, which marked up some of its China-made autos yesterday.

BYD is upping the prices on its Dynasty and Ocean series of vehicles by CNY3,000 to CNY6,000 (USD470 to USD945) each, the firm said on Weibo today. Customers who paid deposit before the price increase will not be affected, it said.

Tesla yesterday raised prices in China for a second time in five days, increasing them by as much as 5 percent.

Shenzhen-based BYD had raised the prices of its new energy vehicles on Feb. 1 by between CNY1,000 to CNY7,000 due to higher raw material prices and lower state subsidies on NEVs, which were cut 30 percent on Jan. 1.

BYD sold 87,000 NEVs last month, ranking first in China by wholesale volume, according to the latest data released by the China Passenger Car Association.

Editor: Futura Costaglione