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UK Tesla prices to increase 5 percent following Brexit ‘currency fluctuations’

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Photo by Sean Gallup/Getty Images

The HTC Vive, the iPhone 7, and now the whole Tesla range — all products that have increased in price in the UK thanks to “currency fluctuations,” aka the pound losing value relative to the dollar following the Brexit vote.

An internal email sent to Tesla’s UK showrooms and published by The Guardian says: “We have just received some information that we need to share with you — due to currency fluctuations we will be increasing our UK prices for custom orders by five percent on 1 January 2017.” This will affect cars including the Model S and Model X, but the letter states that “prices on showroom and pre-owned cars will remain fixed at current prices.”

Business Insider notes that this doesn’t appear to be the first post-Brexit price bump for Tesla, with forum posts suggesting a three percent price increase was instituted in October. This latest increase will mean the price of an entry-level Tesla Model S 60 will rise by around £3,000 or $3,699.

Since the UK voted to leave the European Union six months, the value of the pound against the dollar has fallen some 15 percent. US companies like Tesla have subsequently raised prices for UK consumers to make up this difference.