OnePlus 3 price hike looks imminent due to Brexit

UK's decision to exit European Union in the aftermath of falling GBP currency value, has raised concerns of an imminent price hike for OnePlus 3.

Prospective buyers of OnePlus 3 in the UK are in for some bitter news as the company spokesperson has alerted the consumers in a recent press release that its smartphone prices may be hiked in the near future. The price alert comes in the aftermath of UK's decision to quit the European Union amid falling British-pound currency value in a seemingly volatile market.

The OnePlus 3 is currently priced at £309 in the UK and touted to be the least expensive among the available premium smartphones in the country. In the aftermath of British exit from European Union aka Brexit, the GBP has reportedly nosedived to $1.33 which is the lowest against the US dollar in 31 years.

As Android Central reports, the recent decline in the currency value of British pounds has lead OnePlus to earn around $40 less from each OnePlus 3 being sold today as opposed to a week ago.

With its profit margins coming down, OnePlus has publicly stated that it may be forced to increase the OnePlus 3 price in the UK in the coming months. Consequently, it may be a good time to buy the OnePlus flagship phone ahead of the seemingly imminent price hike.

"We've always strived to create the best product and deliver them to customers at a reasonable price. However, the worrying downward trend of the GBP may make it difficult to maintain our current pricing structure in the UK. Our margins have always been thin, and our expenses are mainly in USD. This being the case, sudden drops such as the one that the Pound has recently experienced could have a direct impact on our prices.

We're telling you this now because we don't want you to be blindsided. If you're thinking of buying, we recommend doing so sooner rather than later. However, if a price change comes to pass, it will not be a decision that we take lightly. We have only had to increase prices once before, when the Euro hit a nine-year low against the dollar at the beginning of 2015, and we did so reluctantly. Currency fluctuations are not your fault, nor our fault; but if we sell at a loss, the simple fact is that there won't be a OnePlus in the future."