Europe is still in flux at the moment, as the continent is still dealing with the after-effects of Britain’s impending exit from the European Union. Unfortunately, Brexit’s effects reverberates throughout many markets, including the phone market, and OnePlus has revealed the ripple effect has necessitated a price increase for the new OnePlus 3.
After July 11 the OnePlus 3 will cost 330 British pounds, up from the 310 British pounds you currently need to buy the phone. OnePlus has done the right thing and given us some notice, so this means if you’re about to grab one for yourself, now is the time to do so, if you’re to avoid spending more. Only the OnePlus 3 phone has been affected, and all the accessories related to the device won’t suffer a price change.
Why has this been necessary? When Britain’s residents voted to leave the EU, the British pound experienced a sharp drop. Things have stabilized a bit, but the British pound remains volatile. The company’s already thin profit margins means to remain profitable in the U.K., it needs to up the price. The early announcement is OnePlus’s way of lessening the impact, saying it is, “committed to taking the hit over the next few days and absorbing the resulting losses.”
“Currency fluctuations are not your fault, nor our fault,” reads the original blog post that warned us of an impending price alteration, “but if we sell at a loss, the simple fact is that there won’t be a OnePlus in the future.” It’s not the first time this has happened either. OnePlus increased the price of its first flagship back in March 2015 in response to the fluctuation of the euro.
The one constant that seems to be flying around, regardless of what market you talk about in relation to Brexit, is uncertainty. Something like this has never happened in the past, and all affected markets do not know what will happen. Samsung, LG, and Acer may have their businesses negatively affected, with the latter two possibly shutting down their London offices. Brexit may wreak havoc on registered .eu domains. Regardless of whether they exist only as possibilities, Brexit has already showed its impact in many business markets, and we are not even a month in from the referendum.
Updated on 07/05/2016 by Andy Boxall: Added in confirmation of a OnePlus 3 price increase in the U.K..