(Yicai) April 29 -- BYD said the Chinese new energy vehicle giant will raise the price of its lidar driver-assistance system package for several models due to a surge in global memory storage costs.

The price of the God's Eye smart driving system will jump to CNY12,000 from CNY9,900 (USD1,755 from USD1,448) for some cars effective May 1, the Zhenzhen-based carmaker announced yesterday.

The overall increase in automotive-grade memory costs is a significant factor driving car manufacturers to raise the prices of optional smart driving products. The spot price of vehicle-mounted Double Data Rate 5 memory soared about 300 percent from last September to the end of January, jumping another 50 percent to 70 percent since then, according to data from market research firm TrendForce.

Ingenic Semiconductor's automotive dynamic random access memory chips are in very short supply this year, while their prices have been continuously rising with no room for negotiation, an employee from the Beijing-based company told Yicai. The tight supply and rising prices will likely continue, the person noted, adding that whether the prices will go up further next year will depend on demand at that time.

Due to fierce competition, Chinese carmakers are generally facing performance pressure and are forced to consider raising prices. Besides increasing memory costs, soaring oil prices have also driven up the costs of chemical raw materials.

"Price hikes will likely become a trend in the auto industry," Lu Fang, chairman of Voyah, the premium electric vehicle brand of state-owned Dongfeng Motor Group, told media outlets at the Beijing International Automotive Exhibition. "It is recommended that consumers make rational purchases as soon as possible."

Several carmakers have recently raised prices, with Chery Automobile taking the lead by increasing the price of its premium brand Exeed by CNY5,000 (USD731) last month. Xiaomi Auto also hiked the price of its next-generation SU7 by CNY4,000.

In addition, the price of several models equipped with Huawei Technologies' Harmony Intelligent Mobility Alliance-based autonomous driving system has jumped by CNY10,000 (USD1,462) due to upgrading lidar sensors.

Editors: Tang Shihua, Martin Kadiev